Business Forum • 12 November, 2024 at 12:58 PM
The annual inflation rate climbed to 4.67% in October 2024 from 4.62% in September, as food commodities rose by 4.75%, non-food by 3.45% and services by 7.66%, according to data released by the National Institute of Statistics (NIS) on Tuesday.
"The consumer price index in October 2024 compared to September 2024 was 100.62%. The year-to-date inflation rate (October 2024 compared to December 2023) was 4.4%. The annual inflation rate for the month of October 2024 compared to October 2023 was 4.7%. The average rate of change in consumer prices over the past 12 months (November 2023 to October 2024) compared with the previous 12 months (November 2022 to October 2023) was 5.8%," the NSO release said.
According to the NSI, the harmonized index of consumer prices in October 2024 compared to September 2024 was 100.71%. The annual inflation rate in October 2024 compared to October 2023 calculated on the basis of the Harmonized Index of Consumer Prices (HICP) was 5%. The average rate of change in consumer prices over the last 12 months (November 2023 to October 2024) compared to the previous 12 months (November 2022 to October 2023) determined on the basis of the HICP was 6.1%.
Among the highest year-on-year increases in food prices were recorded for vegetables and canned vegetables (+14.39%), fresh fruit (+13.37%), vegetables and canned vegetables (+11.32%), citrus and other southern fruits (+9.07%).
In non-food products, significant increases were recorded for detergents (+13.47%), tobacco, cigarettes (+10.5%), chemical products (+9.86%). In services: postal services (+17.82%), water, sewage, sanitation (+11.47%), hygiene and cosmetics (+10.9%).
The National Bank of Romania (NBR) has revised up its inflation forecast for the end of 2024 to 4.9%, from 4% previously, and expects it to reach 3.5% at the end of 2025, according to data presented on Monday by NBR Governor Mugur Isărescu.