Annual inflation rate drops to 6.61 pct in December 2023
The annual inflation rate fell to 6.61% in December 2023, from 6.72% in November, as food commodities rose by 5.82%, non-food commodities by 5.51% and services by 11.21%, according to data from the National Institute of Statistics (INS) published on Friday.
"The consumer price index stood at 100.26% in December 2023 compared to November 2023. The annual inflation rate was 6.6% in December 2023 compared to December 2022. The average rate of change in consumer prices was 10.4% in the last 12 months (January 2023 - December 2023) compared to the previous 12 months (January 2022 - December 2022)," the INS states.
According to the cited source, the Harmonized Index of Consumer Prices (HICP) was 100.22% in December 2023 compared to November 2023. The annual HICP inflation rate was 7% in December 2023 compared to December 2022. The HICP-based average consumer price rate in the last 12 months (January 2023 - December 2023), year-over-year, was 9.7%.
The National Bank of Romania (BNR) maintained its inflation forecast for the end of this year at 7.5% and raised it to 4.8% for the end of 2024, according to data presented in November by BNR governor Mugur Isarescu. The BNR was estimating in August 2023 an inflation of 7.5% for the end of 2023 and 4.4% for the end of 2024.
The BNR also expects the annual inflation rate to rise to 7.7% at the end of the first quarter of 2024, before falling to 6.8% at the end of the second quarter of next year, according to the Quarterly Inflation Report, November 2023 edition.
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