The annual inflation rate rose to 14.5% in May 2022 from 13.76% in April, according to data released by the National Institute of Statistics (INS).
“Consumer prices in May 2022 compared to April 2022 increased by 1.2%. The inflation rate at the beginning of the year (May 2022 compared to December 2021) is 9.2%. The annual inflation rate in May 2022 compared May 2021 is 14.5%. The average rate of consumer prices in the last 12 months (June 2021 – May 2022) compared to the previous 12 months (June 2020 – May 2021) is 8.3%, “the statement said. .
According to the quoted source, the harmonized index of consumer prices (HICP) – indicator for determining the inflation at the level of the EU member states, in May 2022, compared to April 2022, is 101.22%.
Also, in May, the annual inflation rate, calculated on the basis of this index is 12.4%, and the average rate of consumer prices in the last 12 months (June 2021 – May 2022), compared to the previous 12 months (June 2020 – May 2021), determined on the basis of the HICP, stood at 7.1%.
The NBR predicted that the annual CPI inflation rate would reach a maximum of 14.2% in June, according to the May Inflation Report.
“In the short term, the annual CPI inflation rate is expected to advance by June, when it would reach a maximum of 14.2%. , transport), exacerbated by the recent Russian invasion of Ukraine, which resulted in a relatively accelerated transmission of the selling prices of goods and service tariffs in the adjusted CORE2 index basket. and natural gas in April 2022, with the expiry of the previous offsetting and capping measures and the transition to the new scheme, which requires stricter eligibility conditions. But the intensity of these pressures is expected to decrease in the medium term as dissipation is expected. the effects of the war, “the report said on May 12.
In the absence of other information, the NBR mentions that the macroeconomic projection includes the hypothesis of the return of electricity and gas prices to updated contractual levels (determined on the basis of liberalized market mechanisms) in April 2023, which will imply significant increases in this horizon.