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Bucharest
June 25, 2021
BUSINESS

Romania, the European champion of price hikes

Romania is first in the EU in terms of price hikes in the past seven years. Since 2005 until the end of 2012, prices advanced by 50.8 pc in our country, which means about 7 pc a year, twice the European average and much above all inflation targets set by the National Bank of Romania, Econtext reports, quoted by Hotnews.ro. During this 7-year interval, prices increased by 24 pc in average throughout the European community. The latest years were awful with regard to the prices of all products and services provided in Romania. The price hikes certainly were among the most difficult problems in this time of crisis. Besides layoffs and wage cuts, inflation was one of the most terrible enemies of the population these last years. This phenomenon occurred in the entire European Union, even though differently. But there are also very stable countries where inflation advanced three times slower, by 14 pc or 16 pc during these seven years. This gives and average annual increase of just 2 pc. Some of these countries are Sweden (14 pc), The Netherlands (14.2 pc), France (14.4 pc), Germany (14.8 pc), Portugal (16.4 pc), Denmark (16.5 pc).

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