Romania’s annual inflation rate held steady at 9.8% in November 2025, unchanged from October and slightly above market expectations of 9.7%. The reading remained at one of its highest levels in two years, reflecting the impact of a series of tax increases and austerity measures implemented earlier this year by the pro-EU government to reduce a budget deficit exceeding 9% of GDP, the widest in the European Union. Among subindexes, price growth accelerated for food products (7.64% vs 7.57% in October) and services (10.99% vs 10.52%), while non-food inflation eased (10.73% vs 10.96%). On a monthly basis, consumer prices rose 0.46%, slightly down from 0.50% in October. Meanwhile, the harmonised index of consumer prices (HICP) increased 8.6% year-on-year, with a monthly gain of 0.49% in November.