Moldova reports year-end inflation of 30.2%

Foto: Inquam Photos / Adel Al-Haddad

Consumer prices in Moldova rose 30.24% last month compared to December 2021, according to statistics released Wednesday.

It was a slowdown from the previous month when the National Bureau of Statistics said inflation rose to 31.41% from November 2021.

The average consumer price inflation was 28.7% over the last 12 months, compared to the previous 12 months, the agency said in a statement.

The main inflation driver in December were food prices, which added 31.8% year-on-year. Prices of non-food products rose 19.94%, while the cost of services increased by an annual 43.97%.

The East European country’s economy is expected to grow by 1.6% in 2023, the World Bank said, revising its June forecast down by 1.1 percent.

The World Bank forecasts growth of  4.2% in 2024, it said in its January 2023 Global Economic Prospects report published Tuesday.

Moldova’s gross domestic product (GDP) is estimated to have contracted by 1.5% last year, hit by soaring inflation, higher borrowing costs, and lower remittances .

„The forecast is subject to significant downside risks, relating particularly to energy supplies. Unfavorable weather conditions could also reduce agricultural yields in the subregion, further exacerbating inflationary pressures and food insecurity,” the World Bank said.


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