Romania’s inflation rate slows down to 3.3 pct at end-2018 on cheaper fuels

Sorin Melenciuc 14/01/2019 | 10:25

Romania’s annual inflation rate has declined to 3.3 percent in December 2018, from 3.4 percent in November, mainly due to a decline of fuels’ prices, National Institute of Statistics (INS) data show.

In May and June 2018, Romania posted the biggest annual inflation rate since February 2013, of 5.4 percent but the consumer prices index declined during the summer and autumn.

Compared with December 2017, the prices of food products rose by 3.1 percent on average, while non-food products increased by 3.75 percent. The prices of services went up by 2.4 percent.

Compared with November 2018, consumer prices in Romania rose by 0.61 percent, as food prices increased by 0.7 percent, while non-food products’ prices went down by 0.2 percent, and services’ prices rose by 0.15 percent.

The biggest price increases compared with November were recorded for potatoes (5.7 percent), eggs (3.25) and fresh fruits (3.2 percent), while the biggest monthly price decreases were registered for citrus (-3.5 percent) and fuels (-2.5 percent).

The price of fuels rose by 4.6 percent compared with December 2017.

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

Romania was the country with the highest annual inflation rate among the European Union member states for most of last year, but fell on the second place in October, in terms of inflation measured by Harmonised Indices of Consumer Prices (HICP), 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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