The VAT increase caused a radical price boom. Cigarettes have gotten 25 prc more expensive in just 7 months

Publish date: 12-08-2010
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The VAT increase from 19 to 24% made the yearly inflation rate boom from 4.38% in June to 7.14% last month. The largest price hikes were for cigarettes, fruits, utilities and electricity

Last month, Romanians bought cigarettes that were 25.5% more expensive than they were in December 2009, the prices of citrus fruits and other meridional fruits went up 14%, and those of fresh fruits 13.75%. The July 1st VAT increase from 19 to 24% caused the inflation rate to boom, reaching 7.14% as compared to the 4.38% it was at a month before.

As compared to June, the July inflation rate was 2.58%, and as compared to the end of last year it was 4.42%. On Friday, the National Bank of Romania revised the inflation forecast for 2011, from 2.8% to 3.1%, after it increased the estimate for this year from 3.7% to 7.8%, as a result of the VAT increase.


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