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Eurostat : Inflation in the EU dropped in November, but Romania is among the countries where prices continued to grow
The annual rate of inflation in the European Union dropped in November down to 11.1% from 11.5% in October, but in eight member states the index for consumption prices increased every month, including in Romania, from 13.5% to 14.6%, show the data published on Friday by Eurostat.
In November, the EU member states with the highest rates of inflation were Hungary (23.1%), Latvia (21.7%), Estonia and Lithuania (both 21.4%). At the other end, the EU member states with the lowest annual rates of inflation in November were Spain (6.7%), France (7.1%) and Malta (7.2%).
As compared to October, the annual rate of inflation dropped in 16 member states, stable in three countries and grew in eight member states, including in Romania, from 13.5% to 14.6%. Not fewer than 18 EU member states among which Romania as well, registered in September an annual rate of inflation higher than 10%.
In the euro zone, the annual rate of inflation dropped from 10.6% in October, down to 10.1% in November. It is for the first time over the last 17 months when the inflation in the euro zone dropped, but even so it continues to remain a two digit figure in the area. For the states in the euro zone, the most significant impact on the annual growth of prices came from energy, where there was growth of 3.82 percentage points, followed by prices for food, alcohol drinks and cigarettes, which grew by 2.84 percentage points and prices for services which registered an advance of 1.76 percentage points.
In the case of Romania, the National Institute for Statistics (INS) informed previously that the annual rate of inflation went up to 16.8% in November 2022 from 15.32% in October, due to the increase in prices of food by 21.55%, non-food by 16.17% and services by 9.51%. In November, consumption prices grew by 1.3% as compared to the previous month, as food was more expensive by 1.54%, the non-food by 1.03% and services by 1.31%.
The harmonised indicator of consumption prices (IAPC) indicator for determining inflation a the level of EU member states, in November 2022 compared to October 2022 is 101.24%. The annual rate of inflation in November 2022 as compared to November 2021 calculated on the basis of the harmonized indicator of consumption prices (IAPC) is 14.6%. The average rate of consumption prices change over the last 12 months (December 2021 – November 2022) against the previous 12 months (December 2020 – November 2021) determined on the basis of IAPC is 11.4%.
The National Bank of Romania (BNR) increased at 16.3% the inflation estimate for the end of this year and estimates inflation of 11.2% for the end of next year, according to the data presented in November by the BNR governor, Mugur Isarescu.