Like everywhere else in the world, prices continue to rise
\nin Romania as well. The annual inflation rate exceeded 15% in August, according
\nto the National Statistics Institute. Last month, prices for foodstuffs
\nreported the highest increase, 1.8%. Services also went up on average by nearly
\n0.4%. Significant price hikes were reported in July in the field of air
\ntransport, by nearly 24%. The price for sugar went up by nearly 10%, the price
\nfor butter by 6.8% and milk by 5%. Rail transport and the telecom sectors
\nreported slight decreases. Compared to August 2021, the biggest price hikes
\nwere those for natural gas, 70%, potatoes by over 54% and cooking oil by nearly
\n50%. 30% price hikes were also reported for air transport, fuel, milling
\nproducts and sugar. All that has a strong impact on the purchasing power of
\nRomanians, who have some of the lowest wages and salaries in the EU. Romanians
\nhave also panicked as winter draws close, and that means of course bigger bills
\nfor heat, electricity and gas. <\/p>\n
<\/p>\n
Half of Romanians have cut back on their
\nspending, and the share of those who save has significantly increased compared
\nto last year. Virtually, people have adapted their financial behavior to the
\naccelerated inflation rate, the overall soaring prices and the higher energy
\nbills, according to the Money Matters study conducted by the Austrian group
\nErste in countries in Central and Eastern Europe. According to the research,
\nover 75% of Romanians are saving money for potential emergencies and unforeseen
\nsituations, while 74% are building up a cash reserve for the family. Both
\ncategories have gone up 8% compared to last year. Additionally, one in four
\nRomanians is saving to invest in education and professional training, against
\nmerely 16% last year. <\/p>\n
<\/p>\n
The study also revealed that 64% of Romanians say they
\nhave been affected by inflation, while 38% believe their financial situation
\nhas deteriorated in the last year, which is double the percentage reported in
\n2019. On average, Romanians save some 70 EUR per month, by 9 EUR more than in
\n2021, and only a third save money for retirement. 61% of respondents believe
\nfinancial education is the remit of schools and other education institutions.
\n56% believe this is the responsibility of parents and family, while 45% believe
\nbanks and other financial institutions should see to it. (VP)<\/p>\n
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly 40% of Romanians say their financial situation has deteriorated in the last year<\/p>\n","protected":false},"author":105,"featured_media":93113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[40664,29631,40663,30267],"coauthors":[],"class_list":["post-93211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-financial-behavior","tag-inflation-rate","tag-money-matters","tag-national-statistics-institute"],"acf":[],"yoast_head":"\n