Latest reading: Inflation came in at 3.3% in June, down from May’s 3.5%. June’s result represented the weakest inflation rate...
Inflation in Romania
Consumer price inflation in Romania averaged 4.2% in the ten years to 2024, in line with the South-Eastern Europe regional average of 15.2%. The 2024 average figure was 5.6%. For more information on inflation, visit our dedicated page.
Romania Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Romania from 2014 to 2024.
Source: Macrobond.
Romania Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.6 | 5.0 | 13.7 | 10.5 | 5.6 |
| Inflation (CPI, ann. var. %, eop) | 2.1 | 8.2 | 16.4 | 6.6 | 5.1 |
| Inflation (HICP, ann. var. %, aop) | 2.3 | 4.1 | 12.0 | 9.7 | 5.8 |
| Inflation (Core, ann. var. %, eop) | 3.8 | 4.8 | 13.8 | 8.4 | 6.0 |
| Inflation (PPI, ann. var. %, aop) | 0.0 | 14.9 | 43.6 | 4.7 | -2.2 |
Inflation hits an over one-year high in May
Latest reading: Inflation rose to 5.5% in May from April’s 4.8%, marking the highest inflation rate since April 2024, and exceeding market expectations. The pick-up was broad-based, with greater price pressures recorded for food, non-food goods, and services. Meanwhile, the trend was unchanged, with annual average inflation coming in at April's 5.0%. Lastly, consumer prices increased 0.46% from the previous month in May, accelerating from April's 0.07% increase.
Panelist insight: Commenting on future risks clouding the outlook; ING’s Stefan Posea, stated: “The various measures expected in the fiscal package could bring both inflationary and disinflationary forces ahead, with a net mildly inflationary effect in the short run. Meanwhile, a pick-up in geopolitical risks from the latest events in the Middle East could cancel out some of the downside risks for inflation stemming from the rather low oil prices recorded so far this year.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Romanian inflation projections for the next ten years from a panel of 29 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Romanian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Romanian inflation projections.
Want to get access to the full dataset of Romanian inflation forecasts? Send an email to info@focus-economics.com.
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