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Moldova's annual inflation speeds up in August

Moldova's annual inflation speeds up in August Inflation

CHISINAU (Moldova), September 10 (SeeNews) - Moldova posted an annual consumer price inflation of 5.5% in August, down from 5.4% in the previous month, the National Bureau of Statistics, BNS, said on Tuesday.

The main inflation driver of inflation in August were food prices, which rose 8.3% year-on-year, BNS said in a statement.

Prices of non-food products rose by 4.8% on the year in August, while services rose 2.2%.

Month-on-month, Moldova's consumer prices edged down by 0.03% in August. Food price depreciated by 0.6%, while non-food prices grew 0.2%. Consumer prices in the services sector rose 0.6% month-on-month.

Moldova’s central bank, BNM, BNM revised upwards its 2019 inflation projection by 0.1 percentage points (pp) to 5.0% in August. In 2020, consumer prices are expected to rise by 6.7%, up two pp compared to the level projected in June.

On July 31, BNM decided to increase its key rate to 7.5% from 7.0%, aiming to keep inflation close to the target level.

(1 euro= 19.6912 Moldovan lei)