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Inflation eases slightly to just over 3% in March

Romania's annual inflation rate slightly eased in March to 3.05% from 3.16% in February, the National Statistics Institute (INS) announced.


The higher electricity price (+17% year-on-year) accounted for 0.78 pp of the annual inflation.


The prices of non-food goods (electricity included) rose by 4.3% in February compared to the same month last year, those of services by 2.2% yoy and the prices of food by only 1.59% yoy, INS data show.


Calculated based on the Harmonized Index of Consumer Prices (HICP), the annual inflation rate was 2.5%.


Romania's National Bank (BNR) increased its forecast for the headline inflation at the end of 2021 to 3.4%, in the latest quarterly Inflation Report, up from 2.5% envisaged in the report's previous issue. The revision broadly reflects the retail electricity market liberalization, which resulted in higher electricity prices paid by households under the so-called universal service transitory regime, charged by suppliers until a contract on the free market is signed. Out of the 0.9 pp revision, 0.6 pp represents the impact of electricity prices.

For the end of 2022, BNR projects 2.8% inflation — just above the 2.5% target.