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Romania Inflation June 2023

Romania: Inflation declines to lowest level since March 2022 in June

Inflation dropped to 10.3% in June, below May’s 10.6%. June’s result represented the weakest inflation rate since March 2022. The reading was largely driven by softer price pressures for both food and non-food items. However, price pressures picked up in the services sector.

Accordingly, the trend pointed down, with annual average inflation coming in at 14.3% in June (May: 14.7%).

Lastly, consumer prices rose a seasonally adjusted 0.40% from the previous month in June, moderating from the 0.64% rise recorded in May. June’s result marked the weakest reading since January.

Energy cost stabilization measures, the feed-through of higher interest rates into the economy and a base effect will cause price pressures to continue to moderate going forward. Moreover, as of July, the government implemented an emergency decree which would cap retail margins on basic food items for a three-month period. That said, strong wage growth—which has outpaced inflation since March and picked up in April–May compared to Q1—could further fuel price pressures ahead.

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