But Romania remains among the countries with the highest rates

Data published by Eurostat show a significant fall in the annual inflation rate in the European Union and the euro area in October. In the EU, the annual inflation rate fell to 3.6%, down from 4.9% in September. Romania, together with the Czech Republic and Hungary, is among the countries with the highest inflation, at 8.3%. Hungary and the Czech Republic recorded rates of 9.6% and 9.5% respectively.

Belgium, the Netherlands and Denmark had the lowest inflation rates, with negative figures of -1.7%, -1%, and -0.4%. Compared with September 2023, inflation fell in 22 Member States, including Romania, from 9.2% to 8.3%, and rose in five countries, according to Eurostat. 

Eurostat data show that annual inflation in the euro area fell from 4.3% in September to 2.9% in October. Prices of services had the most significant impact on annual price growth, with an increase of 1.97 percentage points, followed by food, alcohol and cigarettes, which rose by 1.48 percentage points. In contrast, energy prices fell by 1.45 percentage points.

The European Central Bank raised its benchmark interest rate to slow price rises, but this also had an impact on economic growth in the euro area. In Romania, the inflation rate fell to 8.07% in October from 8.8% in September, with increases mainly in food and services. The National Bank of Romania maintained its inflation forecast at 7.5% for the end of the year and raised it to 4.8% for the end of 2024.