The annual inflation rate dropped to 14.96% in July this year, from 15.1% in June, as prices of non-food goods climbed by 16.59%, those of food commodities were higher by 16.05%, and services were more expensive by 8.33%, according to data published on Thursday by the National Institute of Statistics (INS).
"Consumer prices in July 2022 compared to June 2022 increased by 0.9%. The inflation rate at the beginning of the year (July 2022 compared to December 2021) is 11.0%. The annual inflation rate in July 2022 compared to July 2021 is 15.0%. The average rate of change in consumer prices in the last 12 months (August 2021 - July 2022) compared to the previous 12 months (August 2020 - July 2021) is 10.1%," reads the INS release.
According to the INS, the Harmonised Index of Consumer Prices in July 2022 compared to June 2022 is 100.46%.
The annual inflation rate in July 2022 compared to July 2021 calculated on the basis of the Harmonised Index of Consumer Prices (HICP) is 13%.
The average rate of change in consumer prices over the last 12 months (August 2021 - July 2022) compared to the previous 12 months (August 2020 - July 2021) determined on the basis of the HICP is 8.7%.
The National Bank of Romania (BNR) has increased to 13.9% its inflation forecast for the end of this year and estimates an inflation of 7.5% for the end of next year, according to data presented on Tuesday by the Governor of the National Bank of Romania, Mugur Isarescu.
In May 2022, the BNR estimated an inflation rate of 12.5% for the end of this year and 6.7% for 2023.
According to the central bank, the annual CPI inflation rate is capped during the third quarter, and from the fourth quarter it is on a downward trajectory, under the assumption of gradual de-escalation of the wholesale energy markets and those of the agri-food products, as well as of the gradual dissipation of the syncopes in the global chains of the added value, but also as a result of some basic effects, after the strongly upward corrections of the energy price in 2021, before the implementation of the support schemes of household consumers.
According to the presentation, the BNR expects a temporary interruption of the disinflationary trend in the second quarter of 2023, once the measures to cap the prices of electricity and natural gas come out of force.
At the forecast horizon, June 2024, the projected level is 2.3%, within the inflation range, amid the manifestation of a substantial basic effect.AGERPRES
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