Romania's annual inflation falls to 2.3% in May

Romania's annual inflation rate fell to 2.3% in May 2020, from 2.7% in April, given that food prices rose by 5.25% , services by 2.6%, and non-food goods by 0.15%, according to data released on Friday by the National Institute of Statistics (INS).

Consumer prices in May 2020 compared with April rose by 0.05%, and compared with December 2019 they advanced 1.47%.

The annual rate calculated on the basis of the Harmonised Index of Consumer Prices (HICP) is 1.8%.

The average rate of consumer prices in the last 12 months (June 2019 - May 2020) compared with the previous 12 months (June 2018 - May 2019) against the Consumer Price Index (CPI) is 3.4%. Against the HICP, the average rate is 3.3%.

Finance Minister Florin Citu has recently estimated that inflation will fall below 2% this year, as currently the trend is downward.

The National Bank of Romania has reduced its inflation forecast for the end of 2020 to 2.8%, from 3% previously.