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Romania's consumer price inflation slows to 14.96% in July

Romania's consumer price inflation slows to 14.96% in July Romania inflation Source: INS,

BUCHAREST (Romania), August 11 (SeeNews) - Romania's consumer prices rose by 14.96% year-on-year in July, compared to an increase of 15.05% in June, the national statistical office, INS, said on Thursday.

Food prices rose 16.05% year-on-year in July, while non-food prices added 16.59%, INS said in a statement.

Prices of services grew by 8.33%.

On a monthly comparison basis, Romania's consumer price index (CPI) rose 0.89% in July, as food prices were 0.92% higher, non-food prices rose 0.87% and prices of services were 0.88% higher.

The average consumer price inflation over the last 12 months was 10.1%, compared to the previous 12 months.

On August 9, Romania's central bank BNR increased its inflation forecast for 2022 to 13.9% from 12.5% predicted in May, way above the upper end of its target band of 1.5-3.5%, due to supply side constraints amplified by the war in Ukraine.

On August 5, the BNR said it decided to increase its monetary policy rate to 5.50% from 4.75%, aiming to anchor inflation expectations over the medium term, as well as to foster saving through higher bank rates.

(1 euro=4.9132 lei)