The annual rate of inflation decreased to 14.53% in March 2023, from 15.5% in February 2023, as food goods price rose by 21.56%, non-food goods by 11.06%, and services by 10.83%, according to the data of the National Institute of Statistics published on Thursday.

“The consumer price index in March 2023 compared to February 2023 is of 101.01%. The inflation rate since the beginning of the year (March 2023 compared to December 2022) is of 2.3%. The annual inflation rate in March 2023 compared to the month of March 2022 is of 14.5%. The average rate of change in consumer prices in the last 12 months (April 2022 – March 2023) compared to the previous 12 months (April 2021 – March 2022) is of 15.3%,” the statement says, according to Agerpres.

According to the cited source, the harmonized index of consumer prices in March 2023, compared to February 2023, is of 100.85%. The annual inflation rate in March 2023 compared to March 2022 calculated on the basis of the harmonized index of consumer prices (IAPC) is of 12.1%. The average rate of change in consumer prices in the last 12 months (April 2022 – March 2023) compared to the previous 12 months (April 2021 – March 2022) determined on the basis of the HIPC is of 13.2%.

The National Bank of Romania expects the annual inflation rate to decrease faster than previously anticipated, especially starting from the third quarter of the current year, against the background of the extension of energy price capping and compensation schemes until March 31, 2025 and the redefinition of their characteristics from January 1, 2023.