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Eurostat: Romania, champion of inflation in EU in February, for the second time in a row!

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Eurostat: Romania, champion of inflation in EU in February, for the second time in a row!

The annual inflation rate in the European Union recorded a decrease in February, dropping to 2.8%, from the level of 3.1% in January. However, Romania remains the country with the highest inflation in the EU bloc for the second consecutive month, according to data published by Eurostat.

In February, EU member states with the lowest annual inflation rates were Latvia and Denmark (both at 0.6%), followed by Italy, with an inflation rate of 0.8%. On the other hand, EU member states with the highest inflation rates were Romania (7.1%), Croatia (4.8%), and Estonia (4.4%), according to information provided by Agerpres.

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Compared to January 2024, the annual inflation rate decreased in 20 member states, including Romania, from 7.3% to 7.1%, remained stable in five countries, and increased in two member states. In the eurozone, the annual inflation rate decreased from 2.8% in January to 2.6% in February. Additionally, Eurostat data shows that core inflation, which excludes prices for volatile goods such as energy and food, decreased to 3.3% in February, from 3.6% in January. Another important indicator, which also excludes prices for cigarettes and alcohol, decreased to 3.1%, from 3.3% in January. Core inflation is an indicator closely monitored by the European Central Bank in its decision-making process regarding monetary policy.

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Regarding Romania, the National Institute of Statistics (INS) previously reported that the annual inflation rate decreased in February 2024, dropping to 7.23% from 7.41% in January, considering that food prices increased by 4.48%, non-food items by 7.82%, and services by 11%.

According to data provided by INS, the harmonized index of consumer prices in February 2024, compared to January 2024, was 100.78%. The annual inflation rate in February 2024, compared to February 2023, calculated based on the harmonized index of consumer prices (HICP), was 7.1%. Additionally, the average change in consumer prices over the last 12 months (March 2023 – February 2024) compared to the previous 12 months (March 2022 – February 2023), determined based on HICP, was 8.7%.

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As for the price evolution in February 2024, postal services, water, sewerage, and sanitation services, as well as detergents, are among the goods that experienced the highest price increases compared to the same month of the previous year, according to data published by the National Institute of Statistics.


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