Annual inflation rate – 4.1% in May. Highest price increases – potatoes

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Consumer prices grew by 0.46% in May 2019 against the previous month and by 3.22% against December 2018, whereas the annual inflation rate remained at 4.1%, given the higher prices of foodstuff by 5.24%, of non-food goods by 3.27% and of services by 4.3%, the National Statistics Institute (INS) informs on Wednesday.

In April, consumer prices grew by 0.61% against March and the annual inflation rate was 4.1%.

“The consumer prices grew by 4.1% in May 2019 against May 2018. The annual inflation rate calculated on the basis of the harmonized consumer price index (HCPI) was 4.4%. The average consumer prices in the past 12 months (June 2018-May 2019) against the previous 12 months (June 2017-May 2018), calculated on the basis of the consumer price index (CPI) was 4.2%. Calculated on the basis of HCPI the average rate was 4.1%,” INS informs.

Potatoes, citrus, fresh fruits – highest price increases

Potatoes registered the highest price increase – 17.33% against April, followed by citrus and southern fruits (+2.68%) and fresh fruits (+2.49%).

As compared to December 2018, the prices of potatoes were nu 55.27% higher, vegetables and canned vegetables (+23.85%), citrus and southern fruits (+16.12%).

Lower prices were registered by eggs (-2.27%), beans and legume, sheep feta cheese (-0.09%) and edible oil (-0.04%).

The prices of non-food goods remained relatively stable.

The National Bank of Romania (BNR) increased, at mid-May, the inflation forecast for this year to 4.2% and anticipates an inflation rate of 3.3% in 2020.

In February 2019, BNR anticipated an inflation rate of 3% this year and 3.1% in 2020.

The European Commission has forecasted the inflation rate in Romania at 3.6% in 2019 and 3% in 2020, in the spring economic outlook issued on May 7.

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