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Romania Inflation November 2023

Romania: Inflation falls to lowest level since September 2021 in November

Inflation came in at 6.7% in November, which was down from October’s 8.1% and surprised markets to the downside. November’s result marked the weakest inflation rate since September 2021. The decline was broad-based, with lower price pressures recorded for food, non-food goods, and services.

In addition, the trend pointed down, with annual average inflation coming in at 11.3% in November (October: 12.2%).

Lastly, consumer prices dropped a seasonally adjusted 0.01% in November over the previous month, contrasting the 0.57% increase logged in October. November’s result marked the weakest reading since September 2020.

Commenting on the outlook, ING’s Stefan Posea and Valentin Tataru stated:

“While the impulse from the private sector might not see as much strength into 2024, a higher fiscal burden, minimum wage increases and public sector workers’ demands during the big electoral year will continue to add support to wage-driven inflationary pressures. As such, we are reluctant to extrapolate the current disinflationary trend to 2024 inflation.”

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