Acasă » General Interest » Economics&Markets » Annual inflation rate dropped to 4.94% in June

Annual inflation rate dropped to 4.94% in June

12 July 2024
Economics&Markets
energynomics

The annual rate of inflation dropped, in June 2024, to 4.94%, from 5.12% in May, as food goods rose in price by 1.10%, non-food goods by 6.28% , and services by 8.81%, according to the data published on Thursday by the National Institute of Statistics (INS).

“The consumer price index in June 2024 compared to May 2024 was 100.24%. The inflation rate since the beginning of the year (June 2024 compared to December 2023) was 2.6%. The annual inflation rate in June 2024 compared to June 2023, it was 4.9%. The average rate of change in consumer prices in the last 12 months (July 2023 – June 2024) compared to the previous 12 months (July 2022 – June 2023) was 7.2%.” it is stated in the INS press release, according to Agerpres.

According to the cited source, the harmonized index of consumer prices in June 2024 compared to May 2024 was 100.06%. The annual inflation rate in June 2024 compared to June 2023 calculated on the basis of the harmonized consumer price index (HICP) was 5.3%. The average rate of change in consumer prices in the last 12 months (July 2023 – June 2024) compared to the previous 12 months (July 2022 – June 2023) determined on the basis of the HIPC was 7.3%.

The National Bank of Romania (BNR) has revised upward, to 4.9%, from 4.7% previously, the inflation forecast for the end of this year, and anticipates that it will reach 3.5% at the end of 2025, according to the data presented last month by the governor of the BNR, Mugur Isărescu.

“We have a downward trajectory of inflation, a little less pronounced in the February projection. So inflation is gradually, not suddenly, going down and somewhere in late 2025, early 2026, it enters the band. It’s a little slower than we forecast previously and this reduction in headline inflation is mainly driven by the core inflation component, which is good. It shows that monetary policy is working. We’re not keeping it too tight either inflationary trends. We are trying that combination to bring inflation down without creating a recession,” Mugur Isărescu said in May.

 

 

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