Romania annual inflation rate up to -0.4 pct in October

Newsroom 11/11/2016 | 12:08

The annual inflation rate went up in October to -0.4 percent from -0.6 percent, according to the data published by the National Institute of Statistics (INS).

INS data shows that the consumption prices grew in October in average by 0.43 percent compared with September, according to News.ro

Thus, the food prices registered the biggest gain last month, by 0.53 percent in average compared with September, while the non-food products prices went up by 0.39 percent and the services prices grew in average by 0.33 percent compared with the previous month.

During November 1 2015- October 31 2016 period the food prices grew by 0.49 percent, non-food products cheapened by 0.8 percent and the services prices dropped by 1.1 percent.

The data include the effect of the reduction in the general VAT quota from 24 percent to 20 percent from January 1 2016. Moreover, since the beginning of the year, the excises for several products were reduced and the VAT quota for drinkable water and the one for irrigation dropped by 9 percent.

The general VAT quota reduction from 24 percent to 20 percent has a reduction effect in final prices by 3.2 percent f  the merchandisers fully apply the tax reduction to the shelf price of poducts

Georgiana Bendre

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