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Central bank expects further disinflation this year with the inflation rate set to return to the target band in Q2 2024.
The average wage in Romania dropped by a real 2% y/y as of October as annual inflation hit 16%.
In a pessimistic scenario, Budapest and Warsaw could once more unite against Brussels, and the region could suffer a new wave of self-defeating populism as the cost of living crisis bites.
The vote comes as public support for the government has collapsed amid political divisions and defections and the perceived failure of the cabinet to get a grip on the worsening cost of living crisis.
The reading is the first y/y easing of the index since June 2021.
Bulgarians are more likely to be struggling with rising living costs than their peers in other EU countries.
Protesters broke through police cordon and threw paint at prime minister's office as thousands gathered at anti-government demonstration.
On October 29, Russia pulled out of the landmark “Black Sea Initiative” grain deal, brokered by the UN and Turkey last July, only to rejoin a few days later. However, the deal is set to expire soon, and its extension is uncertain.
Online retailers in Central and Southeast Europe are reporting declines in profits or warning that tougher times are coming.
While support for Ukraine remains high overall in the United States eight months into the war, Americans’ wallets are feeling the pinch of rising fuel and gas prices following heavy sanctions against Russia.
One-third of the world economy will likely contract this year or next amid shrinking real incomes and rising prices. The global economy continues to face the challenges of war, a cost-of-living crisis and an energy crisis.