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Annual inflation rate in Romania falls to 5.1pct in August 2024
The annual inflation rate in Romania fell in August 2024 to 5.1% from 5.42% in July, as food prices rose by 4.25%, non-food prices by 4.35%, and services prices by 8.60%, according to data published on Wednesday by the National Institute of Statistics (INS).
The consumer price index in August 2024 versus July 2024 was 100.23%. The inflation rate at the beginning of the year (August 2024 against December 2023) was 3.4%. The annual inflation rate in August 2024 compared to August 2023 was 5.1%. The average rate of change in consumer prices in the last 12 months (September 2023 - August 2024) compared to the previous 12 months (September 2022 - August 2023) was 6.5%.
The harmonised index of consumer prices (HICP) in August 2024 compared with July 2024 was 100.28%. The annual inflation rate in August 2024 compared with August 2023 calculated against the HICP was 5.3%. The average change in consumer prices in the last 12 months (September 2023 - August 2024) compared with the previous 12 months (September 2022 - August 2023) computed against the HICP was 6.7%.
The National Bank of Romania (NBR) has revised downwards, from a previous 4.9% the inflation forecast for the end of 2024 and anticipates that it will reach 3.4% by the end of 2025, according to data released in August by Governor of the National Bank of Romania Mugur Isarescu.
According to the presentation, the downward trend in the inflation rate will continue over almost the entire projection range, but the pace of disinflation is expected to slow down visibly in the second part of it.