Romania’s inflation drops to 9.4% y/y in July

Romania’s inflation drops to 9.4% y/y in July

/ bne IntelliNews

By bne IntelliNews August 13, 2023

Consumer price inflation in Romania eased to 9.44% y/y in July, down from 10.25% y/y in June, falling back into single digits for the first time since the recent hike, the statistics office INS announced.

Expectations of a further decline to 7.5% y/y at the end of the year, however, have been thrown into question by the robust wage rise (+15.7% y/y in June), and the 4.4% y/y target for end-2024 may be subject to risks generated by fiscal and income policies.

Food prices still increased by 16.24% y/y in July, prices of non-food prices (that include energy goods) increased by only 4.25% y/y as the price of fuels dropped by 9% y/y and the prices of electricity and natural gas remained close to the values seen in July 2022.

The 9% y/y drop in car fuel prices made a negative 0.7 percentage point (pp) contribution to the overall inflation figure (+9.44% y/y), meaning that all the other prices taken together still increased by more than 10% y/y as of July.

The prices of services increased by 11.65% y/y, in June.

#romania #bneChart #inflation

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