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March 5, 2024
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Economy Romanian News Social

Double-Digit Inflation in Romania, earlier than Expected

Inflation has reached two digits in Romania: 10%. Romanians pay more for food, fuel, gas, electricity, and consumer goods.

The prices have skyrocketed earlier than expectations. Fuel is 30% more expensive than it was last year. Recently, the Romanian National Bank predicted that inflation would have two digits only in the second quarter. They were wrong.

In March, the National Institute of Statistics calculated an annual increase in consumer prices (CPI) of + 10.2%, up from + 1.9% in February. Food costs climbed by 11.2% in a year, non-food commodities increased by 10.9% (including fuels, energy, clothing, and pharmaceuticals), and services increased by 6.5%.

Since February, the NBR has forecasted that annual inflation will climb dramatically in the following years, reaching “a double-digit level in the second quarter of 2022,” owing to rising energy and gas prices.

Photo source: National Institute of Statistics

Here’s how much the prices have gone up

The local economic journals calculated the price growth in March on a year to year basis. Here’s what came out:

  • Oil is now 32 % more expensive than in March 2021 and 5.8% more expensive than last month.
  • Bread is now 16% more expensive than last year and 3% more expensive than in February.
  • In general, vegetables are 19% more expensive than last year and 5% more expensive than in February.
  • Potatoes get a 36% annual boost and a 5% monthly boost.
  • Fresh fruit plus 10% annually/ plus 2.3 per cent compared to last month
  • Meat + 7.8 percent annually/ + 2% compared to last month
  • Eggs’ prices have increased by 12% year over year but are still at the same level as February.

Currently, the Romanian Government is trying to take some measures to protect the most affected individuals. Still, the economy will take more than that to recover from this abrupt crisis ahead.

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