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December 4, 2022
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INS: Annual inflation rate drops to 15.32pct in October 2022

The annual inflation rate dropped to 15.32pct in October 2022, from 15.88pct in September, taking into account that prices of food products increased by 20.58pct, those of non-food products were higher by 14.37pct and services were more expensive by 8.31pct, according to the data published on Friday by the National Institute of Statistics (INS).

“Consumer prices were up 1.3pct in October 2022 from September 2022. The inflation rate since the beginning of the year (October 2022 compared to December 2021) is 14.5pct. The annual inflation rate in October 2022 compared to October 2021 is 15.3pct. The average rate of change in consumer prices over the last 12 months (November 2021-October 2022) as compared to the previous 12 months (November 2020-October 2021) is 12.4pct,” according to the INS data.

According to the quoted source, the harmonized index of consumer prices (HICP) in October 2022 compared to September 2022 is 101.35pct. The HICP-based annual inflation rate in October 2022 compared to October 2021 is 13.5pct. The HICP-based average rate of change in consumer prices over the last 12 months (November 2021 – October 2022) compared to the previous 12 months (November 2020 – October 2021) is 10.8pct.

A National Bank of Romania (BNR) release mentioned, on Tuesday, that the annual inflation rate is expected to increase moderately towards the end of the current year, and then enter a gradual downward trajectory, which drops to the single digit level in the semester I of 2024.

In August, Governor of the BNR Mugur Isarescu, announced that the inflation forecast for the end of this year is estimated at 13.9pct, and for the end of 2023 at 7.5pct. In May 2022, the BNR estimated an inflation of 12.5pct for the end of this year and 6.7pct for 2023.

The International Monetary Fund has significantly revised the estimates regarding the increase of Romania’s consumer prices both for this year, from 9.3pct up to 13.3pct, and especially for next year, from 4pct up to 11pct, according to the latest “World Economic Outlook” report, published on Tuesday by the international financial institution.

 

Photo: www.pixabay.com

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