Increase in food prices led to higher annual inflation rate, NBM report

In May 2019 the annual rate of inflation, measured by the consumer price index, reverted within the range of 5% ± 1.5 percentage points, while in September 2019 it recorded 6.3%, IPN reports.

At a press conference, presenting No. 4 inflation report, Octavian Armașu, governor of the National Bank of Moldova, asserted that regulated prices and fuel prices did not contribute significantly to the rise of inflation.

"The trend of food prices appreciation in the Republic of Moldova and that of the international food price index confirm that a small open economy cannot avoid or temper the evolution of international prices," said Octavian Armașu.

"The medium-term inflation forecast envisages an increase in the inflation rate by the end of 2019. The average inflation will constitute 5% by the end of 2019 and 5.9% by 2020," stated Octavian Armasu.

The NBM report shows that the volume of newly granted loans increased by 26.1% in the third quarter of 2019, as compared to the same period in 2018. The NBM governor has mentioned that the banks in the Republic of Moldova are sufficiently capitalized. As of September 30, 2019, the share of non-performing loans constituted 10.2%, decreasing by 2.3 percentage points as compared to December 31, 2018.

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