Romania Inflation Falls to One-Year Low

The annual inflation rate in Romania eased to 8.2% in July 2026 from 10.4% in June, remaining above market expectations of 7.9% but marking the lowest reading since July 2025. Inflation for non-food goods posted the sharpest slowdown, easing to 7.9% from 12.3% in June, largely due to a steep moderation in electricity price growth (2.9% vs 35.2%). Food inflation also slowed (5.0% vs 5.8%), reflecting softer price growth for vegetables, fruits, meat and meat products, milk and dairy products, and sugar. Meanwhile, service inflation was unchanged at 13.7%. On a monthly basis, consumer prices rose 0.58% in July, accelerating from 0.06% in June. Meanwhile, the HICP-based annual inflation rate eased to 8.2% from 9.2% in the previous month.

The annual inflation rate in Romania fell to a three-month low of 10.4% in June 2026, more than the expected easing to 10.6% and down from 10.9% in May, as the effects of last year's tax hikes continued to fade. Still, inflation remains elevated and the outlook for monetary easing is clouded by volatile oil prices. Food inflation slowed to 5.8% vs 6.8% in May, driven by lower prices for fruit and canned fruit (-9.5% vs 5.5%), vegetables and canned vegetables (-2.6% vs 0.6%), alongside slower increases in oil, lard, fats (6.0% vs 6.1%). Inflation for non-food goods also moderated (12.3% vs 12.5%), reflecting slower price growth for fuels (16.0% vs. 19.2%), chemicals (7.7% vs. 8.2%), tobacco and cigarettes (6.8% vs. 7.4%). Meanwhile, service inflation accelerated slightly (13.7% vs 13.5%). On a monthly basis, consumer prices ticked down to 0.1% in June, slowing from a 0.6% increase in May. Meanwhile, the HICP-based annual inflation rate eased to 9.2% from 9.7% in May.

The inflation rate in Romania rose 10.9% year-on-year in May 2026 from 10.7% in the previous month, hitting the highest level since April 2023. Prices rose for non-food goods (12.5% vs 12% in April), particularly household products, furniture (5.3% vs 5.2%), chemicals (8.2% vs 7.6%), cultural and sporting products (8.5% vs 8.1%), hygiene, cosmetic and medical items (6.2% vs 5.9%), and fuels (19.2% vs 15.7%), while costs also increased for services (13.5% vs 13%). Conversely, inflation slowed for food products (6.8% vs 7.4%), weighed down by slower increases in milling and bakery products (7.3% vs 7.8%), fruit and canned fruit (5.5% vs 9.6%), sugar, confectionery and honey (10.6% vs 11.1%), cocoa and coffee (21.1% vs 22.5%), and alcoholic beverages (7.7% vs 7.9%). On a monthly basis, consumer prices eased 0.6% in May from 0.8% increase in the previous month. Meanwhile, the HICP-based annual inflation rate rose to 9.7% from 9.5% in April.