The annual inflation rate, which measures the evolution of consumer prices in the last year, climbed to 3.23% in November, the highest level since August 2013, when it reached 3.67%, according to data from the National Statistics Institute (INS).

Food products were 0.57% more expensive in November over October, while the prices of non-food products went up 0.86% month-on-month. Meanwhile, the services got 0.33% more expensive.

Eggs saw the biggest price increase in November compared to October, of almost 30%. Butter was also more expensive, its price going up by 7%, while the prices of fuel went up by 2.7%.

When compared to November 2016, the prices of food products increased by 3.88% in November this year while the non-food products got 4.12% more expensive.

Central bank governor Mugur Isarescu said in November that the annual inflation rate might spike to 3.9% at the beginning of next year, and then gradually fall to 3.2% by the end of 2018. The National Bank (BNR) has also revised upwards its inflation rate forecast for the end of this year, to 2.7%.

Irina Marica, irina.marica@romania-insider.com