Inflation in Moldova Reaches 8.6% in September

Fresh data from the National Bureau of Statistics confirm a sustained rise in consumer prices. In August, the annual inflation rate stood at 6.96%. The main driver of accelerating prices was a major tariff shock triggered by applications submitted in September by major suppliers seeking sharp increases in gas, heating and electricity prices, which took effect at the beginning of October, logos-press.md reports. However, due to “second-round effects”, as producers of goods and services begin factoring higher utility tariffs and expensive fuel into their production costs, core inflation is also inevitably expected to rise in the coming months. According to the National Bank’s forecasts, average core inflation for 2026 is expected to stand at 5.6%. This suggests that underlying consumer demand within the country remains relatively subdued. The National Bank’s updated forecast indicates that Moldova has yet to experience the peak of inflation. In the fourth quarter of 2026, annual price growth could reach 9.2%. The regulator does not expect inflation to return to its stable target of 5% before mid-2027. According to the NBS, prices have risen by 6.6% since the beginning of the year, including increases of 4.1% for food products, 8.4% for non-food goods and 7.4% for services provided to the population. Moldova’s annual inflation rate exceeds the price growth recorded in Bulgaria and Georgia (5.6% each), Croatia (4.7%), Poland (4.0%), Estonia (3.5%), Slovenia (3.3%), North Macedonia (2.7%), the Czech Republic (2.5%) and Hungary (1.6%).