Romania’s inflation rate shot up to 8.35% in January, the highest in almost 11 years, according to official statistics.
Inflation is set to continue to rise this year with no end in sight to price hikes, economists say. December saw 8.19% inflation, as prices continue to surge pushed by a liberalization in fuel prices.
Price pressures were seen in food which rose by 7.24%. Non- food products soared by 10.18%. Services were up by 5.66 %, the National Statistics Institute reported.
Inflation is being fueled by soaring energy and fuel prices.
In 2021, the inflation crept up, averaging a 5.05 percent month-on-month rate. For the first four months of the year, it stayed under 4%.
That was almost double the rate in 2020 of 2.63% a year earlier when consumer prices.
January’s inflation was the highest since May 2011.
ING Bank on Monday said it was revising its forecast for 2022 to 8,8%, with the year-end rate at 8%.
Prices will begin to cool at the end of the year, with the bank forecasting 5.5% for 2023.