The annual inflation rate in July 2024 was 5.4%, announced the Romanian National Institute of Statistics (INS). The news comes after having had inflation below 5% in June.
Food prices increased by 1.71%. Within this category, canned fruits saw the highest increase at 9.72%.
On the other hand, flour and cornmeal decreased on average by 30%, oil by 16%, butter by 13.6%, and sugar by 12.3%.
Non-food goods increased by 6.92%. Medicines saw the highest increase at 24.02%, followed by detergents at 20.65%. Books, newspapers, and magazines are 9.8% more expensive, hygiene and cosmetic products increased by 16.04%, tobacco and cigarettes by 9.59%, and footwear by 7.74%. Fuels are 7.78% more expensive than a year ago.
Gas prices saw the highest decrease at 9.39%.
Services became more expensive by 8.52%. Within this category, postal services increased by 26.59%, followed by air tickets (15.6%), Water, sewerage, and sanitation (15.62%), Medical care (11.47%), and restaurants (10.73%).
We discussed the annual inflation compared to prices in July 2023.
However, month-to-month, due to the increase in fuel excise taxes, fuel prices (including gasoline and diesel) rose by almost 3%, marking the only significant price change in July.
The National Bank of Romania (BNR) revised down its inflation forecast for the end of 2024 from 4.9% to 4% and anticipates it will reach 3.4% by the end of 2025, according to the data presented on Friday by Governor Mugur Isărescu.