Dairies and retailers in Romania agreed to back in equal shares a 20% cut in the shelf price of fresh milk for a period of at least six months, reports Romania Insider.
„We expect the consumption to increase. In addition, the economic forecasts indicate that the inflation will decrease, and thus we will not see food prices rising so fast”, said Bogdan Chiriţoiu, chairman of the competition authority, which mediated the agreement.
Romania’s annual inflation rate eased to 14.5% in March, from 15.5% the month before, the statistics institute INS announced on April 13. However, consumer prices increased by 1% in March vs February.
Food prices rose by 21.56% YoY in March 2023 and by 1.89% compared to the previous month, the same report said. Sugar registered the highest price hike – 60.91% YoY, followed by butter – plus 38.06%, potatoes – 36%, and eggs – 33%.
According to the new International Monetary Fund prognoses, Romanian economy will slow down from 4.6% in 2022 to 2.4% in 2023, and will grow to 3.4% next year.
