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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.

About Victor Lupu