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Annual inflation rate falls to 7.23% in February 2024
The annual inflation rate fell to 7.23% in February 2024, from 7.41% in January, as food prices rose 4.48%, non-food prices 7.82% and services cost increased 11%, according to data the National Institute of Statistics (INS) published on Wednesday.
"The consumer price index in February 2024 compared to January 2024 was 100.81%. The inflation rate since the beginning of the year (February 2024 compared to December 2023) stood at 1.9%. The annual inflation rate in February 2024 compared to February 2023 was 7.2%. The average rate of change in consumer prices in the last 12 months (March 2023 - February 2024) compared to the previous 12 months (March 2022 - February 2023) was 9.1%," the INS release said.
According to the quoted source, the harmonised index of consumer prices in February 2024 compared to January 2024 was 100,78%. The annual inflation rate in February 2024 compared to February 2023 calculated on the basis of the harmonised index of consumer prices (HICP) accounted for 7.1%. The average rate of change in consumer prices in the last 12 months (March 2023 - February 2024) compared to the previous 12 months (March 2022 - February 2023) determined on the basis of the HICP stood at 8.7%.
The National Bank of Romania (BNR) revised downwards its inflation forecast for the end of this year to 4.7%, from 4.8% in November, and expects it to reach 3.5% by the end of 2025, according to data BNR Governor Mugur Isarescu presented in February.
The forecast trend was revised downwards for 2024, in the context of more favourable developments in the indicator in the recent period, especially in the food segment.