Moldova’s inflation further eases to 8.6% y/y in September

Moldova’s inflation further eases to 8.6% y/y in September

/ bne IntelliNews

By bne IntelliNews October 11, 2023

Consumer price inflation in Moldova eased to 8.6% y/y in September from 9.7% y/y in August, after prices rose by 0.5% m/m over the last month, the statistics bureau BNR announced.

Food prices increased by 8.2% y/y, non-food prices by 5.0% y/y and the prices of services (which include energy supply) by 14.9% y/y.

Consumer prices had previously declined for three consecutive months in June-August and they were in September, on average, still slightly lower than they were in April.

Annual inflation in Moldova peaked at 34% y/y in July-October last year. But the tight monetary policy and demand-side factors, two drivers not necessarily independent, contributed to sharp deflation in the first part of 2023.

This allowed the central bank to cut the monetary policy rate to 6% in June this year from 21.5% where it was during August-November last year. At this level, monetary policy is no longer hindering growth, the central bank said at that time.

A further rate cut was preliminarily announced for November at the latest monetary board meeting in September.

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