National Bank of Moldova: annual inflation to continue to decrease throughout 2025, in first half of 2026

Annual inflation will continue to decrease throughout 2025 and the first half of 2026. The forecast was included in the Inflation Report, presented by Governor of the National Bank of Moldova (BNM) Anca Dragu today.

According to the report, in the third quarter of 2025, the annual inflation rate continued its downward trend from previous periods, decreasing from 8.2 per cent in June 2025 to 6.9 per cent in September 2025. At the same time, the average annual inflation rate stood at 7.4 per cent, which is about 0.5 percentage points lower against the previous quarter.

“This year, the National Bank acted with balance and prudence, maintaining the descending trajectory of inflation. The inflation rate dropped to 6.9 per cent in September, and projections show that this trend will continue. Starting next year, we estimate that inflation will return to the target range, below the level of 6.5 per cent. The results are already visible. Moldova has been included in international assessments with a stable outlook, confirming the international recognition of our country's progress. The current evolution confirms our path and encourages us to continue with determination and responsibility in the direction of European integration, thus strengthening the economic resilience of Moldova,” said Anca Dragu.

BNM forecasts also reveal that the annual rate of food prices will outline a decreasing trend, and the annual pace of regulated prices will decrease significantly by the beginning of the next year, thereafter showing a relatively stable trend.

BNM Governor Anca Dragu said that 2025 had been a year of stability and strengthening of confidence in the economy, in public institutions, and in Moldova's capacity to advance on the European path.

“The monetary policy promoted by the BNM has proven its effectiveness. We managed to temper inflation, ensure predictability, and provide a secure framework for development. We look confidently towards 2026 with a firm commitment to maintain prices’ stability, support economic development and contribute to the sustainable welfare of the citizens. The BNM will continue to support, through its actions, the country's European path, a path of responsibility, stability and trust in a secure future for all citizens of Moldova,” Anca Dragu added.