Inflation reached 8.2%; edible oil rose by 27.17%, and gas prices rose by 51.6%; The Central Bank to keep in check inflation

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By Edwig Ban
The annual inflation rate in December 2021 rose to 8.2% compared to December 2020, according to data released on Friday by the National Institute of Statistics (INS). Non-food goods became more expensive in December 2021 compared to December 2020 by 10.73%, food goods by 6.69%, and services by 4.49%.
For the whole year 2021, non-food goods increased by 7.08%, compared to 2020, food goods by 3.24%, and services by 3.10%.
“Consumer prices in December 2021 compared to November 2021 increased by 0.7%. The annual inflation rate in December 2021 compared to December 2020 is 8.2%. The average rate of consumer prices in the last 12 months (January 2021 – December 2021) compared to the previous 12 months (January 2020 – December 2020) is 5.1% “, according to INS data.
The harmonized index of consumer prices in December 2021 compared to November 2021 is 100.51%.
The annual inflation rate in December 2021 compared to December 2020 calculated on the basis of the Harmonized Index of Consumer Prices (HICP) is 6.7%.
The average rate of consumer prices in the last 12 months (January 2021 – December 2021) compared to the previous 12 months (January 2020 – December 2020) determined on the basis of the HICP is 4.1%.
Of the foodstuffs, the most expensive were: edible oil, with 27.17% in December 2021 compared to December 2020 (and 1.36% compared to November 2021), oil, bacon, fats, with 24.82 % in December 2021 compared to December 2020 (and by 1.34% compared to November 2021), but also potatoes, by 24.89%, in December 2021 compared to December 2020, and by 4.42% compared to November 2021.
In this category, the only reduction is in citrus fruits and other southern fruits, which fell by 3.1% in December 2021 compared to November 2021.
Also, for non-food goods, gas prices increased by 51.57% in December 2021 compared to December 2020 and by 1.44% compared to November 2021. Electricity, gas and central heating became more expensive. 28.10% in December 2021 compared to December 2020 and 3.91% compared to November 2021. Fuel prices rose by 22.45% in December 2021 compared to December 2020 and became cheaper by 0.78% compared to December 2020 November 2021.
In terms of services, in December 2021 compared to December 2020 the postal services increased the most, by 22.5%, and by 16.08% compared to November 2021. Air transport became cheaper by 6.38% in December 2021 compared to December 2020, but increased by 19.79% compared to November 2021.
The National Bank of Romania (BNR) proves once again that it is not able to control inflation, as it aims every year. This week it decided to increase the monetary policy rate to 2.00 percent per annum, from 1.75 percent per annum, as of January 11, 2022. Many bank analysts expected the interest rate to be above 2%, but the NBR is, as usual, very prudent. Caution that brings every year the failure of the inflation target in our country.

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