The annual inflation rate in Romania dropped in March 2024 to 6.61%, from 7.23% in February, as prices for foods increased by 2.81%, for non-foods by 8.06% and for services by 10.20%, according to data with the National Institute of Statistics (INS) published on Thursday.
The consumer price index in March 2024 as against February 2024 was 100.42%. The inflation rate at the beginning of the year (March 2024 as against December 2023) was 2.4%. The annual inflation rate in March 2024 was 6.6% y-o-y. The average rate of change in consumer prices in the last 12 months (April 2023 - March 2024) as against the previous 12 months (April 2022 - March 2023) was 8.5%.
The March 2024 Harmonised Index of Consumer Prices (HICP) as against February 2024 was 100.45%. The annual inflation rate in March 2024 compared to March 2023 calculated against HICP was 6.7%. The average rate of change in consumer prices over the past 12 months (April 2023 - March 2024) compared with the previous 12 months (April 2022 - March 2023) based on the HICP was 8.3%.
The National Bank of Romania (BNR) has revised downwards, to 4.7%, its end-2024 inflation forecast, from 4.8% in November, expecting it to further decrease to 3.5% at end-2025, according to data released in February by National Bank of Romania (BNR) Governor Mugur Isarescu.
The inflation trajectory has been revised downwards in 2024 to account for more favourable recent developments of the indicator, especially on the food segment.