Romania’s annual inflation rate dropped to slightly in June 2023 to 10.3%, from 10.64% in May, as food prices rose by 17.88%, non-food prices by 4.84% and services by 11.5%, according to data from the National Institute of Statistics (INS) published Thursday, write Agerpres.

In June compared to May, the inflation rate was 0.4%.

„The year-to-date inflation rate is 4.2% (June 2023 compared to December 2022). The annual inflation rate is 10.3% in June 2023 compared to June 2022. The average rate of change in consumer prices in the last 12 months (July 2022 – June 2023) is 14.2% compared to the previous 12 months (July 2021 – June 2022),” the INS states.

The Harmonized Index of Consumer Prices (HICP), an inflation indicator for EU member states, is 100.47% in June 2023 compared to May 2023. The annual HICP inflation rate is 9.3% in June 2023 compared to June 2022. The HICP-based average consumer price rate in the last 12 months (July 2022 – June 2023) is 12.5% compared to the previous 12 months (July 2021 – June 2022).

The National Bank of Romania (BNR) has 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.