June 27, 2022
According to the National Bureau of Statistics (BNM), consumer prices in Moldova rose to a new 23-year high of 29.05 percent year on year in May, up from 27.07 percent the previous month.
Food prices were the main inflation driver in May, rising 32.5 percent year on year, according to BNS.
Non-food prices increased 21.45 percent year on year in May, while service prices increased 35.27 percent year on year.
In May, Moldova’s consumer prices rose 2.04 percent month on month. Food prices increased by 2.50 percent, while non-food prices increased by 2.48 percent on a monthly basis. Monthly consumer prices in the services sector increased by 0.75 percent.
According to data from Moldova’s central bank, May inflation was the highest since October 1999, when consumer prices increased by 53.6 percent.
Due to the economic impact of the Ukrainian war and pandemic aftershocks, the BNM raised its 2022 inflation forecast to 27.3 percent last month, up from 18.8 percent in February.
On June 3, the central bank decided to raise its policy rate from 15.5 percent to 18.5 percent in order to temper rising consumer prices and mitigate risks associated with the Ukraine conflict.
Source: SeeNews
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