Romania’s inflation rate jumps to 5.1 percent in August

Sorin Melenciuc 11/09/2018 | 09:18

Romania’s annual inflation rate has increased to 5.1 percent in August, from 4.6 percent in July, as the summer food price effect was cancelled by rising non-food and services prices, National Institute of Statistics (INS) data show.

In May and June, Romania posted the biggest annual inflation rate since February 2013, of 5.4 percent, but the consumer prices index declined to 4.6 percent in July.

Compared with August 2017, the prices of food products rose by 4.15 percent on average, while non-food products increased by 6.8 percent. The prices of services went up by 2.6 percent.

Compared with July, consumer prices in Romania increased by 0.3 percent, as food prices declined by 0.2 percent, while non-food products’ prices went up by 0.7 percent, and services’ prices rose by 0.1 percent.

The biggest price increases compared with July were recorded for postal services (21.5 percent), natural gas (5.6 percent) and citrus fruits (3 percent), while the biggest monthly price decreases were registered for fresh fruits (-8.9 percent).

The price of natural gas for households rose by 16.6 percent compared to December 2017.

The central bank has an inflation estimate of 3.5 percent for December 2018.

Romania is the country with the highest annual inflation rate among the European Union member states, of 4.3 percent measured by Harmonised Indices of Consumer Prices (HICP) in July, according to Eurostat.

The HICP index used by Eurostat measure price with a unified basket of consumer products and services for the 28 EU member states.

But the Romanian basket of consumer products and services, which includes a higher percentage of food products (33.2 percent of total basket), shows a different picture.

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