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Annual inflation rate down to 8.07 pct in October 2023
The annual inflation rate fell to 8.07% in October from 8.8% in September, as food commodities rose by 8.66%, non-food commodities by 6.24% and services by 12.20%, according to data from the National Institute of Statistics (INS) published on Monday.
"The consumer price index was 100.57% in October 2023, as compared to September 2023. The year-to-date inflation rate was 6.3% (October 2023 compared to December 2022). The annual inflation rate was 8.1% in October 2023 compared to October 2022. The average rate of change in consumer prices in the last 12 months (November 2022 to October 2023) was 12.0% compared to the previous 12 months (November 2021 to October 2022)," the INS states.
The National Bank of Romania (BNR) maintained its inflation forecast for the end of this year at 7.5% and increased it to 4.8% for the end of 2024, according to data presented Friday by BNR governor Mugur Isarescu. The BNR estimated in August 2023 an inflation of 7.5% for the end of 2023 and 4.4% for the end of 2024.
The BNR also expects the annual inflation rate to rise to 7.7% at the end of Q1, 2024, before dropping to 6.8% at the end of next year's Q2, according to the Quarterly Inflation Report, November 2023 edition.