The annual inflation rate rose to 2.8% in July this year, from 2.6% in June, given that food prices rose by 5.57%, services by 3% and non-food goods by 0.88%, according to data published on Wednesday by the National Institute of Statistics (INS).

“Consumer prices in July 2020, compared to July 2019, increased by 2.8%. The annual rate calculated on the basis of the Harmonized Index of Consumer Prices (HICP) is of 2.5%. The average rate of consumer prices in the last 12 months (August 2019 – July 2020) compared to the previous 12 months (August 2018 – July 2019), calculated on the basis of the CPI, is of 3.2%. Determined on the basis of the HICP, the average rate is of 3.1%,” it is shown in an INS release, according to Agerpres.

The annual CPI inflation rate for the end of this year and next year is forecast at 2.7% and 2.5%, respectively, according to the Inflation Report published by the National Bank of Romania.

“The estimated contribution of the change in indirect taxes isof 0.2 percentage points at the end of this year and of 0.4 percentage points at the end of next year. The average annual rate of CPI inflation will continue its downward path from the first half of this year, but in a slower pace, being anticipated to reach 2.5% at the horizon of the projection, the second quarter of 2022,” it is mentioned in the report.