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Annual inflation rate down to 3.84 per cent in June

  • Consumer prices were up 3.8% in June 2019 compared to June 2018. The annual rate calculated on the basis of the Harmonised Index of Consumer Prices (HICP) is 3.9%.

  • The average consumer price rate based on the CPI over the last 12 months (July 2018-June 2019) as compared to the previous 12 months (July 2017-June 2018) is 4.1%. The average rate based on the HICP is 4.0%.

Consumer prices dropped 0.23 per cent in June 2019 compared with the previous month and by 2.98 per cent compared with the end of last year (December 2018), while the annual inflation rate went down to 3.84 per cent, because of the drop in prices for food stuffs by 0.47 per cent, non-food stuffs by 0.24 per cent, and the increase in services by 0.17 per cent, according to data released by the National Institute of Statistics (INS) on Wednesday.

In May, consumer prices climbed 0.6 per cent against April and the annual inflation rate accounted for 4.1 per cent.

"Consumer prices in June 2019 against June 2018 climbed 3.8 per cent. The annual inflation rate calculated based on the harmonized index of consumer prices (HICP) was 3.9 per cent. The average rate of consumer prices in the past 12 months (July 2018-June 2019) compared with the previous 12 months (July 2017-June 2018), calculated based on the CPI, is 4.1 per cent. Determined based on the HICP, the average rate is 4 per cent," said INS.

On July 4, the Central Bank governor estimated inflation in June might go down under 4 per cent, according to data collected by the National Bank from the market.

The National Bank of Romania (BNR) increased in mid May up to 4.2 per cent the inflation forecast for the end of the year and estimated 3.3 per cent inflation in 2020.

BNR also estimated in February 2019 a 3 per cent inflation for the end of he year and 3.1 for 2020.

In its turn, the European Commission estimated Romania's inflation rate would reach 3.4 per cent in 2019 and 3 per cent in 2020, according to the spring economic forecasts published on May 7.