Ionita: Prices Increased by 2.1% in October, the Largest Increase in 11 Years

According to economic expert Veaceslav Ionita, in October 2021, the consumer price index rose by 2.1%, which is the largest increase in the last 11 years. An anti-record precedent was formed in February 2010, when prices rose by 2.3%, tvrmoldova.md reports. “Prices have accelerated their growth since July 2021. On an annualized basis, prices reached 8.8%, which is the highest value in the last 6 years. Most likely, 2021 will end with a double-digit inflation of more than 10%,” the expert stressed. Inflation has not yet taken into account the rise in natural gas prices. “The engine of growth so far are food items, which in October grew by 4%, which is an absolute record for the last 21 years. The last time higher growth than in October was recorded in 2000, when prices for food rose by 7% in June,” the economist writes. “Over the year, food prices have been up by 12.7%, and by the end of the year, most likely, this figure will exceed the record of 2007 when food prices increased by 15.4%. This increase especially affects socially vulnerable groups, among which are mainly pensioners and large families, for whom food products make up more than 50% of the consumer basket,” Ionita stressed.