Romania's annual inflation rate dropped to 14.53pct in March 2023 from 15.5pct in February 2023, as food prices rose 21.56pct, non-food prices increased by 11.06pct and services grew by 10.83pct, according to the data released on Thursday by the National Institute of Statistics (INS).
"The consumer price index in March 2023 compared to February 2023 is 101.01pct. The inflation rate since the beginning of the year (March 2023 compared to December 2022) is 2.3pct. The annual inflation rate in March 2023 compared to March 2022 is 14.5pct. The average rate of change in consumer prices in the last 12 months (April 2022 - March 2023) compared to the previous 12 months (April 2021 - March 2022) is 15.3pct" the INS release says.
According to the quoted source, the Harmonized Index of Consumer Prices (HICP) in March 2023 compared to February 2023 is 100.85pct. The annual HICP inflation rate is 12.1pct in March 2023 compared to March 2022. The HICP-based average consumer price rate in the last 12 months (April 2022 - March 2023) is 13.2pct compared to the previous 12 months (April 2021 - March 2022), told Agerpres.
The National Bank of Romania expects the annual inflation rate to fall faster than previously anticipated, especially from the third quarter of this year, against the background of the extension of the energy price capping and compensation schemes until 31 March 2025 and the redefinition of their characteristics from 1 January 2023.