Romania: Inflation comes in at highest level since October 2003 in August
September 12, 2022
Inflation increased to 15.3% in August, above July’s 15.0%. August's figure was the highest inflation rate since October 2003. Looking at the details of the release, price pressures for food items increased in August. On the other hand, they decreased for non-food goods and services.
The trend pointed up, with annual average inflation coming in at 10.9% in August (July: 10.1%).
Finally, consumer prices rose a seasonally-adjusted 0.56% over the previous month in August, slowing down from the 0.89% increase seen in July. August's result marked the weakest reading since November 2021.
On the outlook for inflation, Dan Bucsa from UniCredit commented:
“This was probably the peak in inflation, although we expect headline inflation above 14% until February 2023. Thereafter, base effects could reduce inflation until September 2023, when it could return close to 10% as the caps on energy and gas prices should be removed, according to the new government emergency ordinance.”