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Annual inflation rate up to 4.1 pct in July

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  • Consumer prices were up 4.1% in July 2019 compared to July 2018. The annual rate calculated on the basis of the Harmonised Index of Consumer Prices (HICP) is 4.1%.

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

The annual inflation rate rose to 4.1 pct, in July this year, from 3.84 pct in June, due to the 15-percent price hike in food commodities, in services by 4.11 percent and non-food goods by 3.44 pct, according to data from the National Institute of Statistics (INS) published on Monday.

"Consumer prices in July 2019 compared to July 2018 increased by 4.1 pct. The annual rate calculated on the basis of the harmonized index of consumer prices (HICP) is 4.1 pct. The average rate of consumer prices in the last 12 months (August 2018 - July 2019) compared to the previous 12 months (August 2017 - July 2018), calculated on the basis of the CPI, is 4.0 pct. Determined on the basis of the HICP, the average rate stands at 4.0 pct," the INS specifies.

In July compared to the previous month, consumer prices fell slightly, by 0.2 pct, given that the price of food products decreased by 0.66 pct, of non-food goods by 0.02 pct and services were more expensive by 0.1 pct.

The Governor of the National Bank of Romania, Mugur Isarescu, announced last week that the central bank kept the inflation forecast at 4.2 pct for the end of this year and estimates an inflation of 3.4 pct for the end of next year. BNR estimated in May 2019 an inflation of 3.3 pct for December 2020.

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