November inflation rate drops to 5.5%
Moldova's National Bureau of Statistics reports a continued downward trend in inflation, with the annual rate falling to 5.5% in November 2023. This represents a decrease of over 29 percentage points since October 2022, when inflation peaked at 34.6%.
Consumer prices experienced a modest 0.2% increase from October to November. This reflects a decline in food prices by 5.2%, driven by lower costs for fruits (5.4%), vegetable oil (1.7%), and sugar (1%). However, non-food prices edged up slightly, with increases observed in footwear (3%) and construction materials (1.5%).
Fuel prices provided welcome relief for consumers, dropping by 6.8% in November. Diesel prices fell to 21.29 lei per litre, while gasoline dipped to 23.10 lei per litre.
The government's efforts to provide energy cost compensation resulted in further price reductions. Natural gas prices from the grid dropped by an estimated 6% in November, while central heating and hot water prices saw a substantial 18% decline.
These positive developments highlight the potential for further economic stabilisation in Moldova. The sustained decrease in inflation and the government's proactive measures bode well for a more stable and affordable future for Moldovan citizens.
Translation by Iurie Tataru
