Romania: Inflation falls to lowest level since November 2021 in October
Inflation came in at 8.1% in October, down from September’s 8.8%. October’s reading represented the weakest inflation rate since November 2021. The slowdown was primarily due to a slower increase in prices for food. In addition, price pressures for non-food goods rose at a more moderate pace.
Annual average inflation fell to 12.2% in October (September: 12.8%).
Finally, consumer prices increased a seasonally adjusted 0.57% in October over the previous month, moderating from the 0.79% rise recorded in September.
Commenting on the release, ING’s Valentin Tataru and Stefan Posea stated:
“At 8.07%, October inflation came in a touch below the market’s 8.17% estimate but slightly above our 7.90% forecast. We revise our end-2023 estimate from 7.1% to 7.4%. For 2024, the higher excise duties and VAT will induce a small hump in the disinflationary trend, and we revise year-end inflation to 4.7% from 4.1%.”