The NBM forecasts are confirmed. The inflation rate is decreasing for the third month in a row

The annual inflation rate reached 27.3% in January 2023, after falling to 30.2% in December 2022 from 31.4% in November 2022.

The deceleration will continue at an even faster pace, so that average annual inflation will be 13.7 percent in 2023 and 5.5 percent in 2024.

The inflation rate started to decrease since the end of last year, thanks to the previous monetary policy measures of the NBM, which greatly reduced the intensity and shock of the inflationary wave. The decrease in the rates of growth of regulated prices, of those for food products, and partly for fuels, but also the decrease in basic inflation contributed to shaping a pronounced disinflationary process.

The downward slope of inflation led the National Bank of Moldova to reduce, already twice, the reference rates, by 1.5 p.p. in December 2022 and by 3.0 p.p. in February 2023, the base rate on the main short-term monetary policy operations being set by the NBM at 17.00 percent annually.


In the presentation of the first report on inflation from 2023, the governor of the National Bank of Romania, Octavian Armașu, mentioned that through the decisions taken last year, even if in places tough, the National Bank achieved its main goal, namely the reversal of the inflation trajectory.

“The NBM will do everything possible for inflation to return to the corridor, and the results will be felt by all citizens of the Republic of Moldova,” he said
the governor of NBM.

Among the factors that will influence the decelerating inflation are modest domestic and external demand, recent electricity tariff adjustments, as well as the continued moderation of food and oil price increases in the international market.

The NBM will continue to carefully monitor internal and external developments, in order to intervene with the necessary measures.

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