The annual inflation rate decreased to 10.64% in May 2023, from 11.23% in April 2023, as food products rose by 18.73%, non-food products by 5.15% and services by 11.16%, according to data released Tuesday by the National Institute of Statistics (INS), write Agerpres.

„The consumer price index in May 2023 compared to April 2023 is 100.64%. The year-to-date inflation rate (May 2023 compared to December 2022) is 3.8%. The annual inflation rate in May 2023 compared to May 2022 is 10.6%. The average rate of change in consumer prices in the last 12 months (June 2022 – May 2023) compared to the previous 12 months (June 2021 – May 2022) is 14.7%,” the INS release said.

The National Bank of Romania (BNR) revised upwards to 7.1% its inflation forecast for the end of this year and maintained its estimate of 4.2% for the end of 2024, according to data presented in May by BNR Governor Mugur Isarescu.

According to the BNR, the downward trajectory will be supported by the gradual easing of commodity markets, the reabsorption of excess demand in the economy, the downward correction of inflationary expectations and the reduction of inflationary pressures associated with the prices of imported goods.