Inflation Reaches 13.2% in May 2023: Prices Soar for Food, Goods, and Services

According to data released by the National Bureau of Statistics (NBS) and reported by bani.md, the annual inflation rate in May 2023 reached 13.2% in the Republic of Moldova. The prices of food products increased by 13.2%, non-food goods by 5.9%, and services provided to the population by 25.0%.

Within the food category, fruits saw the highest price hike, soaring by 40.7%, followed by vegetables at 30%. Sugar prices increased by 29.7%, while bread prices rose by 10%. However, vegetable oil witnessed a decrease in price, becoming 16% cheaper.

Among non-food goods, footwear experienced the largest price increase at 9.8%, followed by construction materials at 9% and clothing at 8.5%. On the other hand, fuel prices dropped by 12%.

Regarding services, centralized heating experienced the highest increase at 67.3%, followed by communal and housing services at 51%, and electricity at 25.3%.

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The National Bank of Moldova (NBM) forecasts an average annual inflation rate of 13.3% for the year 2023 and expects it to decrease to 5.1% in 2024.

“The lower trend of the annual inflation rate forecast is determined by the decrease in the projected basic inflation by the end of the current year and the fourth quarter of the following year. It also takes into account the prices of food products, except for the first forecast quarter and the third quarter of 2024, regulated prices, except for the first two consecutive quarters and the last quarter of the corresponding period, as well as fuel prices, except for the second quarter of 2024,” stated the NBM.

As inflation continues to pose challenges to the economy, authorities will closely monitor the situation and take necessary measures to stabilize prices and ensure economic stability for the population.