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Consumer prices fell by 0.1 pc in December. Annual inflation rate hit the lowest level since 1970

Annual inflation rate, down to 4.56pc in July

The annual inflation rate dropped in July to 4.56%, down from 5.4% in June, given that the non-food goods became more expensive by 6.23% against the same month last year, the foodstuff prices increased by 3.42% and the services prices by 2.68%, the National Statistics Institute (INS) informs in Friday.

The highest inflation rate was registered in May, of 5.41%, the highest level since February 2013 (5.65%).

“In July 2018, the consumer prices rose by 4.6% against July 2017. The annual rate based on the Harmonized Index of Consumer Prices (HICP) is 4.3%. The average inflation rate in the past 12 months (August 2017 – July 2018) as compared to the previous 12 months (August 2016 – July 2017), based on the Consumer Price Index (CPI), is 3.9%. Based on the HICP, the average rate is 3.2%,” the INS release reads.

According to the quoted source, in July, as compared to June, the consumer prices dropped by 0.48%, as foodstuff prices went down by 0.8%, non-food goods by 0.55% and tariffs for services increased by 0.24%. Against December 2017, the consumer prices went up by 1.93%, the consumer prices increased by 1.4%, non-food goods by 2.53%, and services tariffs by 1.43%.

The average monthly inflation rate in the first seven months of this year was of 0.3%, compared to 0.1% in the same period in 2017.

The National Bank of Romania (BNR) has revised the inflation forecast for the end of this year to 3.5%, down from 3.6%, Governor Mugur Isarescu announced on Wednesday.

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