Romania’s consumer prices rose by 14.49% year-on-year in May, compared to 13.76% in April, the national statistical office, INS said, writes SeeNews
Food prices rose 14.25% year-on-year in May, while non-food prices added 17.18%, INS said in a statement.
Prices of services grew by 7.47%.
On a monthly comparison basis, Romania’s consumer price index (CPI) rose 1.18% in May, as food prices were 1.73% higher, non-food prices rose 1% and prices of services were 0.61% higher.
The average consumer price inflation over the last 12 months was 8.3%, compared to the previous 12 months.
In May, Romania’s central bank raised its inflation forecast for 2022 to 12.5% from 9.6% predicted in February, way above the upper end of its target band of 1.5-3.5%, due to a fast rise in energy prices and supply-side bottlenecks amplified by the war in Ukraine.
Also in May, BNR increased its monetary policy rate to 3.75% from 3.00% because of speeding inflation and war in Ukraine. This is BNR’s sixth rate hike since May 2018.
(1 euro=4.9454 lei)
