Annual inflation in Romania reaches 16.8% in November

Romania’s National Institute of Statistics recently announced that the annual inflation rate in November 2022 stood at 16.8%, the highest level since 2002.

The most significant price hikes registered were for sugar (almost 62%), electricity (47.1%), butter (43.4%), and cooking oil (40.6%). Also more expensive than last year are potatoes, natural gas, flour, margarine, and cheese.

The products with the highest price increases are also the ones most commonly needed to prepare traditional Christmas foods.

Inflation in Europe rose to multi-decade highs, but varied considerably from country to country, depending on consumption habits, energy costs, price controls, and policies in effect. The Eurozone’s inflation stood at 10.6% in October, while higher rates, between 20-25%, were recorded in Central and Eastern Europe, according to a report cited by HotNews.

The lowest inflation rates in Europe are in Switzerland (around 3%), Iceland, and Spain (under 7%). At the opposite pole are Hungary and Latvia, with around 20-22%. Food and energy prices are the main drivers of global inflation this year, as the war in Ukraine magnified existing tensions in commodity markets.

(Photo source: Michaeljayberlin | Dreamstime.com)