Romania’s consumer prices rose 15.32% on the year in October, a 0.5% drop from the previous month, the National Statistics Institute said on Friday.
Food prices in October rose by an annual 20.58%, while non-food prices spiked by 14.37%, the institute said in a statement. The prices of services rose by 8.31%.
On a month-by-month basis, Romania’s prices rose by 1.28% in October, with food up by 2.29% and non-food prices 0.8% higher and services 0.7% more.
The average inflation rate for the last 12 months was 12.4% up on the previous year.
Romania’s central bank increased its inflation forecast in August up to 13.9% from 12.5% that the bank had predicted in May.
Soaring inflation was fueled by the war in Ukraine and connected supply constraints.
The National Bank of Romania increased its monetary policy rate to 6.75% from 6.25% this month, aiming to anchor inflation expectations over the medium term, as well as to foster saving through higher bank rates.