ECONOMY FINANCE&BANKING

INS: Annual inflation rate goes up to 3.3pct in December

Consumer prices continued to grow in December 2017, with the annual inflation rate going up to 3.3 percent, from 3.23 percent in November, on the ground of price increases for food products (0.44 percent) and non-food products (0.28 percent), according to the data the National Institute of Statistics (INS) released on Friday.

Compared to December 2016, the prices of services increased 0.22 percent.

“The average rate of consumer prices over the past 12 months (January 2017 – December 2017) against the previous 12 months (January 2016 – December 2016), calculated based on the Consumer Price Index (CPI), is 1.3 percent. Determined based on the Harmonised Index of Consumer Prices (HICP), the average rate is 1.1 percent,” the INS notes.

According to the source, compared to December 2016, prices went up 3.32 percent in December 2017, in the context in which food products were 4.07 percent more expensive, non-food products by 4.11 percent, and services by 0.22 percent.

The National Bank of Romania (BNR) revised upwards to 2.7 percent the inflation prognosis for the end of 2017, from the 1.9 percent previously estimated.

For the end of the year 2018, BNR estimates a 3.2 percent inflation rate, similar to the previous prognosis, and for the end of 2019 Q3 an inflation rate of 3.1 percent is expected.

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