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Romania, the highest annual inflation rate in EU at the end of 2014

Annual inflation rate up to 3.3pc in December

Consumer prices grew in December, leading the annual inflation rate to 3.3%, up from 4.23% in November, given the price increases for foodstuff by 0.44% and for non-food goods by 0.28%, the National Statistics Institute (INS) informed on Friday.

As compared to December 2016, the prices of services grew by 0.22%.

“The average growth of consumer prices in the past 12 months (January 2017-December 2017) against the previous 12 months (January 2016-December 2016) calculated as CPI, is of 1.3%, whereas calculated on HICP the average rate was of 1.1%,” INS informs.

In December 2017 the prices were by 3.32% higher against December 2016, given that the foodstuff were by 4.07% more expensive and the non-food goods by 4.11%, services by 0.22%.

The National Bank of Romania (BNR) has revised upwards the inflation forecast to 2.7% for the end of 2017, up from the previous 1.7%.

Highest price increases – eggs, butter, fresh fruit

Eggs, butter and fresh fruit registered the highest price increases as foodstuff in December 2017, as compared to the previous month of the same year, while in the non-food commodity category, the most important price increases were recorded for fuels.

Thus, in December 2017, the eggs prices increased by 6.72% against the previous month and by 43.19% against December, 2016, butter by 2.65% (+22.77% against December 2016), and fresh fruit by 1.32% (+11.06% as compared to December 2016). Also, the prices of vegetables and preserved vegetables have increased by 1.54% and of potatoes by 1.32%.

On the non-food commodity segment, fuel prices increased in December 2017 by 1.02% against the previous month and by 5.85% as compared to December 2016, prices of refrigerators and freezers by 0.75%, of washing machines and of cylinders by 0.73%, and tobacco and cigarettes by 0.24% (+5.52% against December 2016).

Net average wage up by 3pc in November

The gross average wage earnings grew by 3.1% in November 2017 against the previous month, up to RON 3,430, whereas the net average wage earnings reached RON 2,464, up by 3%, INS also informs.

The highest earnings – RON 6,157 in IT, the lowest –n RON 1,409 in hotels and restaurants.

As compared to November 2016, the average net wage earnings increased by 13.4%.

About Valeriu Lazar