The annual rate of inflation decreased to 10.64% in May 2023, from 11.23% in April 2023, as food goods rose in price by 18.73%, non-food goods by 5.15%, and services by 11.16%, according to the latest National Institute of Statistics report.
“The consumer price index in May 2023 compared to April 2023 is 100.64%. The inflation rate since the beginning of the year (May 2023 compared to December 2022) is 3.8%. The annual inflation rate in May 2023 compared to the month of May 2022 is 10.6%. The average rate of change in consumer prices in the last 12 months (June 2022 – May 2023) compared to the previous 12 months (June 2021 – May 2022) is 14.7%,” INS states.
According to the cited source, the harmonized index of consumer prices in May 2023 compared to April 2023 is 100.49%. The annual inflation rate in May 2023 compared to May 2022 calculated on the basis of the harmonized index of consumer prices (HICP) is 9.6%. The average rate of change in consumer prices in the last 12 months (June 2022 – May 2023) compared to the previous 12 months (June 2021 – May 2022) determined on the basis of the HIPC is 12.8%.
The National Bank of Romania (BNR) revised upward to 7.1% the inflation forecast for the end of this year and maintained the estimate of 4.2% for the end of 2024, according to the data presented in May by the governor of the BNR, Mugur Isărescu.
According to the BNR, the downward trajectory will be supported by the gradual relaxation of raw materials markets, the resorption of excess demand in the economy, the downward correction of inflationary expectations and the reduction of inflationary pressures associated with the prices of imported goods.
DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRLUniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002