Moldova's inflation climbs to 7.0% in August as energy costs surge

According to data from the National Bureau of Statistics, Moldova's consumer price inflation accelerated to 7.0% in August, up from 6.4% in July, even though overall prices rose only 0.2% from the previous month. Food price growth slowed to 4.7% year-on-year, while non-food categories, notably fuels, climbed 8.2% and utility tariffs rose 8.1%. Fuel prices jumped 28% and electricity 24% compared with a year earlier.

In response, the National Bank of Moldova raised its policy rate by 50 basis points to 7.5% and projects a peak inflation of 8.6% in the fourth quarter of 2026, followed by a gradual decline toward the 5% midpoint of its target range in 2027. The energy regulator approved a 40.7% increase in the regulated natural gas tariff for households, and the government plans to limit heating subsidies this winter, further pressuring household budgets.