September 16, 2022
According to the national statistical office, INS, consumer prices in Romania increased by 15.32% year over year in August as opposed to 14.96% in July.
According to INS, the yearly increase in food costs was 18.22%, while the annual increase in non-food prices was 15.98%.
Services’ costs increased by 8.26%.
The consumer price index (CPI) for Romania increased 0.56% in August compared to the previous month, with increases in food prices of 1.82%, non-food prices of 0.19%, and service prices of 0.37%.
In comparison to the prior 12 months, the average rate of consumer price inflation over the most recent 12 months was 11%.
Due to supply-side restrictions that have been exacerbated by the conflict in Ukraine, Romania’s central bank BNR boosted its inflation projection for 2022 from the 12.5% anticipated in May to 13.9% on August 9. This inflation rate is significantly higher than the goal range of 1.5-3.5%.
On August 5, the BNR announced that it has chosen to raise its monetary policy rate from 4.75% to 5.50% in order to encourage saving by raising bank rates and to stabilize inflation expectations over the medium term.
Source: See News
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