Ford drives hike in car production in Romania
11 hours ago
Annual CPI inflation retreated to 8.1% in February from a 9.4% inflation rate the previous month, Galt & Taggart reports. (chart)
Core inflation (non-food, non-energy, and non-tobacco) also reduced to 6.6% (-1.2ppts month on month) in February.
By categories, annual inflation was mostly driven by price changes in food and non-alcoholic beverages (+14.0% year on year, 4.73 ppts), housing, water, electricity, gas and other fuels (+12.4% y/y, 1.30 ppts), restaurants and hotels (+14.8% y/y, 0.58 ppts), furnishings, household equipment and maintenance (+10.1% y/y, 0.51 ppts), and alcoholic beverages and tobacco (+7.3% y/y, 0.49 ppts) categories.
On a monthly basis, there was a 0.3% deflation in Feb-23, driven by price reduction in healthcare (-4.9% m/m, -0.47 ppts) and transport (-1.5% y/y, -0.19 ppts) categories. We expect average annual inflation at 5.2% in 2023, down from 11.9% in 2022, and see inflation close to the target by end-23, in our baseline scenario.
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