Moldova’s inflation hits 34.3% y/y in August

Moldova’s inflation hits 34.3% y/y in August

/ bne IntelliNews

By bne IntelliNews September 12, 2022

Consumer prices increased by only 0.89% in August in Moldova, but annual inflation edged up marginally to 34.3% y/y from 33.6% y/y in July, according to the statistics bureau.

In August, the natural gas price kept rising at a high rate, by 15.2%, resulting in an impressive 4.6 times surge over the past 12 months. Moldovan gas company Moldovagaz is pressing for even higher end-user prices, but the import price should in principle decrease starting October under the contractual formula with Gazprom.

All the other prices (except for a 16% surge in the price of eggs) posted more modest advances and the price of vegetables actually decreased by 5.6% m/m (yet maintaining a massive 87% y/y advance).

National Bank of Moldova (BNM) decided to increase the monetary policy interest rate by 3pp to 21.5%, with the same interest rate corridor of +/-3pp, at its August 4 monetary board meeting. Furthermore, the required reserve ratios will increase in two steps, from 34% to 40% for local currency liabilities and from 39% to 45% for foreign currency liabilities.

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