Romania‘s consumer prices dropped to 15.32% in October, compared to 15.88% in September, the national statistical office (INS), said on Friday, according to See News.
Food prices rose by an annual 20.58%, while non-food prices saw a 14.37% increase, INS said in a statement.
Prices of services grew by 8.31%. On a monthly comparison basis, Romania’s consumer price index (CPI) rose 1.28% in October, as food prices were 2.29% higher, non-food prices grew by 0.8% and prices of services were 0.7% higher.
The average consumer price inflation was 12.4% over the last 12 months, compared to the previous 12 months.
On August 9, Romania’s central bank BNR increased its inflation forecast for 2022 to 13.9% from 12.5% predicted in May, way above the upper end of its target band of 1.5-3.5%, due to supply-side constraints amplified by the war in Ukraine.
On November 8, the BNR said it decided to increase its monetary policy rate to 6.75% from 6.25%, aiming to anchor inflation expectations over the medium term, as well as to foster saving through higher bank rates.