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January 2020 steepest price rises: Electricity, air transport services and cooking oil

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INS - Institutul Naţional de Statistică

Electricity, air transport and cooking oil prices are the items that saw the steepest price increase in January 2021, from the previous year, while the only drop in price was for honey, as reported by AGERPRES.

According to the National Institute of Statistics (INS), electricity price rose by 18.38% in January from the previous month and by 17.40% from the same period last year, while the price of cooking oil increased by 2.66%, compared to the previous year and by 10.10% compared to January 2020.

The only product that registered a drop in price from the previous month is honey, by 0.06%, and as compared to the same period of last year, potato prices have gone down by 28.73%.

On the non-foods segment, in January, as opposed to December, there are no price drops. Compared to the same month of the previous year, fuel became more expensive by 2.98% in January, gas by 2.18%, and thermal energy by 0.2%. Tobacco and cigarettes prices went up by 7.07% in January 2021 as opposed to the same month of the previous year.

INS data shows that prices for air transport services increased by 6.47% in January 2021, as compared to the previous month. As a matter of fact, during the first month of this year there are no price drops of services from the previous month. The only price drop, of 22.09% is again registered by air transport services, but as opposed to the same month of the previous year.

The annual inflation rate went up to 2.99% in January this year, from 2.1% in December, given that the prices of non-food items have gone up by 3.25%, of food items by 2.88% and of services by 2.51%.

"Consumer prices in January 2021, compared to December 2020, went up by 1.3%. The average rate of consumer prices in the last 12 months (February 2020 - January 2021) from the previous 12 months (February 2019 - January 2020) calculated on the basis of the consumer price index (CPI) is of 2.6%," shows the INS press release.

The Romanian National Bank (BNR) estimates an inflation of 2% at the end of this year's first quarter, of 2.2% at the end of the second quarter and 2.4% at the end of the third quarter. At the end of the year an inflation of 2.5% is estimated.

"Following the publication of the August 2020 Report, some more significant disinflationary pressures, mainly induced by exogenous components of the consumer basket, have materialized in the segment of volatile food and fuel prices, respectively. In these conditions, the CPI annual inflation rate is expected to fall to 2.1% by the end of this year, a significant revision of 0.6 percentage points from the previous forecast. At the same time, under the impetus of the aggregate demand deficit in the economy and the gradual weakening of labor market resilience, more pronounced corrections will be reflected in the dynamics of the annual core inflation rate, which will reach 2% at the forecast horizon (Q3, 2022). By the end of next year, the current baseline scenario reconfirms the value from the previous projection for the annual CPI inflation rate (2.5%), while the forecast for the annual core inflation rate has been revised slightly downwards (by 0.1 percentage points, to 2.1%)", according to the inflation report.

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