Romania Inflation September 2021

Romania

Romania: Inflation rises in September

October 12, 2021

Consumer prices increased 0.84% over the previous month in September, picking up from August's 0.24% increase. The result was driven by rising prices for food and non-food goods, as well as for services.

Inflation rose to 6.3% in September, above August’s 5.3%. September's result represented the highest inflation rate since June 2011. Accordingly, the trend pointed up, with annual average inflation coming in at 3.6% in September (August: 3.3%).

Kevin Daly, economist at Goldman Sachs, expects inflation to rise further towards end-year and highlights that September’s result could trigger additional rate hikes from the Central Bank:

“Looking ahead, we expect a further pickup in energy inflation in the coming months with more electricity price hikes in the pipeline. On our estimates, we expect inflation to rise to around 8% yoy in November and December. […] Looking ahead, given expected inflation developments in the coming months, we expect the NBR to hike again by 25bp at its November meeting.”

FocusEconomics Consensus Forecast panelists see inflation averaging 4.1% in 2021, which is up 0.2 percentage points from last month’s forecast. For 2022, panelists see inflation averaging 3.7%, which is up 0.3 percentage points from last month’s estimate.


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Romania Inflation September 2021 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: National Institute of Statistics.


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