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CEE falling inflation trend comes to an end
3 days ago
Headline inflation in Moldova surged over 22% y/y in March, after consumer prices leapt up by more than 4% over the past month alone, according to the statistics office INS.
Inflationary pressures from energy prices remain high as the country may have to switch to spot market prices after May 1, if Gazprom cuts the gas supplies. In any case, the country already pays some $1,200 per 1,000 cubic metres to the Russian supplier — a price that is not far from the spot market price in Europe.
The government is working to secure financial support from development partners, in order to absorb part of the shock generated by the temporary rise in energy prices. However, there will be a permanent increase in the end-user prices of natural gas and electricity that Moldova’s low-income households will face most likely next winter.
Food prices surged by 27% y/y on average as of March. Prices of vegetables soared by 65% y/y while prices of basic goods (flour, eggs, vegetable oil) advanced by over 20% y/y.
Besides the global rise in commodity prices, Moldova faces direct effects of the war in Ukraine. A large part of its processed food goods was imported from the neighbouring country and retailers had to change suppliers and accept higher prices.
The average price of services increased by 21.4% y/y driven up by the 3.3 times surge in the price of natural gas.
Related Content
Data
CEE falling inflation trend comes to an end
After spiking to 20-year highs thanks to the pandemic and Europe’s Russian induced energy crisis, inflation rates across the EU have tumbled in recent months. That trend has ended and CEE central banks are expected to hike rates again in 2H24.
Hungary’s CPI edges lower, but price pressures remain in service sector
Consumer prices in Hungary rose 3.6% y/y in March, but services' prices rose almost 10%.
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Czech inflation stagnated at 2% in March
Consumer price indices (inflation) in Czechia remained at 2% in March, the same year-on-year growth as in February, which is the lowest inflation rate since December 2018.
Ukraine records lowest inflation in over three years
Ukraine's inflation rate dropped to its lowest level in more than three years in March 2024, marking a significant slowdown in consumer price growth, according to data released by the State Statistics Service.
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