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The annual inflation rate rose to 5.42% in July 2024, from 4.94% in June, according to data published on Monday by the National Institute of Statistics (INS). Food products rose in price by 1.71%, non-food products by 6.92%, and services by 8.52%.
“The consumer price index in July 2024 compared to June 2024 was 100.60%. The inflation rate since the beginning of the year (July 2024 compared to December 2023) was 3.2%. The annual inflation rate in July 2024 compared to July 2023 was 5.4%. The average rate of change in consumer prices in the last 12 months (August 2023 – July 2024) compared to the previous 12 months (August 2022 – July 2023) was 6.8%”, according to an INS statement.
According to the institute, the harmonized index of consumer prices in July 2024 compared to June 2024 was 100.59%. The annual inflation rate in July 2024 compared to July 2023 calculated on the basis of the harmonized index of consumer prices (HICP) was 5.8%. The average rate of change in consumer prices in the last 12 months (August 2023 – July 2024) compared to the previous 12 months (August 2022 – July 2023) determined on the basis of the HIPC was 7.1%.
The National Bank of Romania (BNR) has revised down the inflation forecast for the end of 2024 to 4.0%, from 4.9% previously, and anticipates that it will reach 3.4% at the end of 2025, according to according to the data presented on Friday by the governor of the BNR, Mugur Isărescu.
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