The annual inflation rate rose to 9.88% in September, from 9.85% in August, as non-food goods increased in price 11.09%, services 10.36%, and prices for food products went up 7.86%, according to data the National Institute of Statistics (INS) released on Monday.

‘The consumer price index in September 2025 compared to August 2025 was 100.36%. The inflation rate from the beginning of the year (September 2025 compared to December 2024) was 8.5%. The annual inflation rate in September 2025 compared to September 2024 was 9.9%. The average rate of change in consumer prices over the last 12 months (October 2024 – September 2025) compared to the previous 12 months (October 2023 – September 2024) was 6.1%,’ the INS release reads.

According to the same source, the Harmonised Index of Consumer Prices (HICP) for September 2025 compared to August 2025 was 100.50%. The annual inflation rate in September 2025 compared to September 2024, calculated using the HICP, was 8.6%. The average rate of change in consumer prices over the last 12 months, based on the HICP, was 5.9%.

Governor of the National Bank of Romania (BNR) Mugur Isarescu said in August that inflation would form a „curb” in September, when a peak of 9.6-9.7% would be recorded, and that it would likely remain above 9% by the end of the year.

The National Bank of Romania revised its inflation forecast for the end of 2025 upwards to 8.8%, mentioning it will ‘likely exceed 9%’, upwards from the previous estimate of 4.6%. The Bank now anticipates that inflation will fall to 3% by the end of 2026, compared to 3.4% in the previous projection.

Since 1 August, Romania has applied a higher standard VAT rate of 21%, up from 19% previously, and only a single reduced rate of 11%. AGERPRES