Prices continued to rise in October; annual inflation rate reaches 2.6%

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Consumer prices continued to rise in October this year, with the annual inflation rate having reached 2.6%, from 1.8% in September amid the increase in food prices by 3.52% and in non-food goods by 3.26%, according to the National Statistics Institute (INS) data released on Thursday.

Compared to October 2016, the price of services dropped by 0.33%.

"The average rate of consumer prices over the past 12 months (November 2016 — October 2017) compared to the previous 12 months (November 2015 — October 2016), based on the CPI, is 0.7%. Based on ACPI is 0.6%," the INS says.

Compared to September this year, prices rose by 1.28% in October, with food goods being more expensive by 2.30%, non-food goods by 1.74% and services by 0.16%.

The National Bank of Romania (BNR) has revised upwards to 2.7% the inflation forecast for the end of this year, from 1.9% previously.

For the end of 2018, the BNR estimates an inflation rate of 3.2%, similar to the previous forecast, and for the end of Q3 of 2019, it expects an inflation rate of 3.1%.

According to the BNR, exceeding the upper limit of the target range in the first half of 2018 is mainly due to some basic statistical effects related to tax cuts and indirect taxes in early 2017, the anticipated trend of exogenous components, and also the accumulation of inflationary pressures linked to the domestic environment, at the level of basic inflation.

Calculated at constant rates, the inflation rate will reach 3.3% in December 2017, 3.1% at the end of next year and 2.9% in September 2019.AGERPRES(RO — editor: Andreea Marinescu; EN — author: Bogdan Gabaroi, editor: Maria Voican; online editor: Maria Voican)

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