The annual inflation rate fell in September to 8.8%, from 9.4% in August, as food prices rose 10.36%, non-food prices 6.68% and services costs went up 12.10%, according to data the National Institute of Statistics (INS) published on Thursday.In September, compared to August, the inflation rate was 0.79%. The monthly average inflation rate in the first nine months of this year was 0.6%."The year-to-date inflation rate (September 2023 compared to December 2022) is 5.7%. The annual inflation rate in September 2023 compared to September 2022 stands at 8.8%. The average rate of change in consumer prices in the last 12 months (October 2022 - September 2023) compared to the previous 12 months (October 2021 - September 2022) is 12.6%," the INS says.According to the quoted source, the harmonised index of consumer prices in September 2023 compared to August 2023 is 100.82%. The annual inflation rate in September 2023 compared to September 2022 calculated on the basis of the harmonised index of consumer prices (HICP) is 9.2%. The average rate of change in consumer prices in the last 12 months (October 2022 - September 2023) compared to the previous 12 months (October 2021 - September 2022) determined on the basis of the HICP is 11.4%.The National Bank of Romania (BNR) reported in early October that, according to current assessments, the annual inflation rate will continue to decline until the end of this year in line with the latest medium-term forecast (August 2023), mainly under the influence of base effects and downward corrections in the prices of some commodities, as well as under the conditions of a rich domestic harvest and the temporary capping of the trade surcharge on basic food products.In August, the BNR revised its inflation forecast upwards to 7.5% for the end of this year and to 4.4% for the end of 2024.The International Monetary Fund estimates that the inflation rate will fall from 7% to 4% at the end of 2024, but remains above the target of the National Bank of Romania.
President Nicusor Dan signed on Thursday the decree appointing Prime Minister Ilie Bolojan as interim Vice Prime Minister on the areas coordinated by Dragos Anastasiu, the Presidential Administration informed.On 27 July, Dragos Anastasiu announced he was stepping down from the vice prime minister office, mentioning that he could no longer accept "being denigrated and thus […]
Prime Minister Ilie Bolojan continued consultations on Thursday with representatives of the Association of Communes of Romania, telling them there is a strong chance to overcome the current difficult period if the approach of "responsibility toward public funds" is maintained."The reform of local public administration will be part of the second package of government measures […]
Financing the National Recovery and Resilience Plan (PNRR) projects will continue for those already initiated and will stop only in case investment has not begun, where not a single euro was spent for construction, Development minister Cseke Attila explained on Thursday. “PNRR will not stop, neither will financing investments which have already been initiated, […]
The Justice Ministry announced on Thursday having developed in cooperation with the Finance Ministry and the National Tax Administration Agency a set of proposals to amend the Insolvency Law, which will be included in the second reform package.Some of the amendments provide for a higher recovery rate of the taxes and fees owed by insolvent […]
Romania is in the antechamber of recession, with the risk that its economy will decline in the third or fourth quarter, especially amid an increase in taxes, a significant drop in sales and record inflation at European level, says business consultant Adrian Negrescu."We are currently in the antechamber of recession. It is a moment […]
The Ministry of Culture announced on Thursday that is set to adapt national legislation for enforcing the European Media Freedom Act (EMFA), which supports media pluralism, editorial responsibility, protects journalists from abusive surveillance and intimidation, and provides protection for sources.According to a Culture Ministry release, the implementation in Romania of Regulation (EU) 2024/1083 of the […]
