The annual inflation rate in the European Union rose in October to 2.3%, from a level of 2.1% in September.
Romania, for the eighth consecutive month, is the country with the highest inflation in the bloc, with an annual price increase of 5%, according to data published on Tuesday by the European Statistics Office (Eurostat).
Last month, the lowest annual inflation rates in the EU were recorded in Slovenia (0.0%), Lithuania and Ireland (both at 0.1%), while the highest were in Romania (5%), Belgium, and Estonia (both at 4.5%).
Compared to September 2024, the annual inflation rate decreased in two EU member states, remained stable in six, and increased in 19 EU member countries, including Romania from 4.8% to 5%.
The annual inflation rate in the eurozone rose in October to 2%, from 1.7% in September, when the lowest level in the last three and a half years was recorded. Inflation in the eurozone is thus exactly at the target level considered by the European Central Bank.
Additionally, Eurostat data shows that core inflation, which is what remains after volatile prices for goods such as energy and food are eliminated, remained at 2.7%. Another indicator that, in addition to energy and food prices, also excludes prices for tobacco and alcohol, remained at 2.7%. Core inflation is closely monitored by the ECB in shaping its monetary policy decisions.
According to data published last week by the National Institute of Statistics (INS), in Romania, the annual inflation rate rose in October 2024 to 4.67%, from 4.62% in September, as food prices increased by 4.75%, non-food items by 3.45%, and services by 7.66%.
The National Bank of Romania (BNR) has revised upwards its inflation forecast for the end of 2024 to 4.9%, from the previous 4%, and anticipates it will reach 3.5% by the end of 2025, according to data presented on Monday by BNR Governor Mugur Isărescu.