INS: Annual rate of inflation down to 3.9 pct in August, foodstuff prices up 5 pct

The annual rate of inflation went down to 3.9 pct in August this year, from 4.1 pct in July, given that non-food item prices went up 2.98 pct, foodstuff prices increased 5.02 pct and the prices of services registered an advance of 4.23 pct, according to data published on Wednesday by the National Institute of Statistics (INS). 

"Consumption prices in August 2019 compared to August 2018 grew by 3.9 pct. The annual rate calculated on the basis of the harmonized index of consumer prices (HICP) is 4.1 pct. The average rate of consumption prices in the past 12 months (September 2018 - August 2019) as compared to the previous 12 months (September 2017 - August 2018), calculated by the consumer price index (CPI) is 3.9 pct. Determined by the HICP, the average rate is 4.0 pct," the INS release shows. 

The annual CPI inflation rate is forecast to reach 4.2 pct at the end of the current year, 3.4 pct in December 2020 and 3.3 at the projection horizon, namely Q2 2021, according to the Report on inflation of the National Bank of Romania.