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The annual inflation rate in the euro area remained stable at minus 0.3% in October 2020, while in the European Union it remained stable at 0.3%, with Member States having the highest inflation rates such as Poland, Hungary, the Czech Republic and Romania show data released Wednesday by the European Statistical Institute (Eurostat).
Compared to September, the annual inflation rate in October decreased in 15 Member States, remained stable in two countries and increased in 10 Member States. In Romania, the annual inflation rate fell to 1.8% in October from 2.1% in September, according to Agerpres.
The highest annual inflation rates in the EU were recorded last month in Poland (3.8%), Hungary (3%), the Czech Republic (2.9%) and Romania (1.8%). At the opposite pole are some EU Member States where the annual inflation rate is negative: Greece (minus 2%), Estonia (minus 1.7%) and Ireland (minus 1.5%).
In the euro area, the most significant impact on the annual price increase was on the prices of food, alcohol and cigarettes (which increased by 0.38 percentage points). Conversely, the drop in energy prices wiped out 0.81 percentage points from the rise in inflation in October.
Eurostat points out, however, that core inflation, ie what remains after the elimination of prices for volatile goods, such as energy and food, increased by 0.2%, as in September. Core inflation is closely monitored by the ECB as it prepares its monetary policy decisions.
In the case of Romania, the National Statistics Institute (INS) previously reported that the annual inflation rate fell to 2.2% in October this year, from 2.5% in September, as food services increased by 4.34%, services by 2.85% and non-food goods by 0.60%.
“Consumer prices in October 2020, compared to October 2019, increased by 2.2%. The annual rate calculated on the basis of the harmonized index of consumer prices (HICP) is 1.8%. average consumer prices in the last 12 months (November 2019 – October 2020) compared to the previous 12 months (November 2018 – October 2019), calculated on the basis of the CPI, is 2.9%. Determined on the basis of the HICP, the average rate is 2.7% “, is reported in the INS statement.
The National Bank of Romania (BNR) estimates inflation at 2.1% at the end of this year, down 0.6 percentage points from previous forecasts and 2% in the third quarter of 2022, according to the latest. inflation report.
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