Romania's annual inflation rate eased slightly to 16.4% in December 2022, from the record 16.8% reported the previous month, the statistics institute INS announced. Consumer prices increased by 0.4% in December vs November.

Food prices rose by 22.05% in December 2022 compared to December 2021 and by 1.26% compared to November 2022, the same report said. Sugar reported the highest price hike in this category - 62.79% YoY, followed by butter - 45.14% YoY, cooking oil - 37.46%, and potatoes - 35.43%.

Non-food goods were 14.95% more expensive in December 2022 vs December 2021 and 0.32% cheaper than in November 2022. In this category, electricity prices increased the most, going up 45.14% in December 2022 compared to December 2021 and by 4.79% compared to November 2022. Gas prices increased by 35.73% YoY in December.

Finance minister Adrian Caciu told Euronews Romania on January 12 that the inflation rate will fall below 10% by the end of this year because he believes that the inflationary cycle has ended. He also said that Romania would register economic growth this year, which will be one of "recovery of purchasing power."

irina.marica@romania-insider.com

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