The annual inflation rate reached 15.3% in August, from 14.9% in July

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By RBJ
The annual inflation rate rose to 15.32% in August this year, from 14.96% in July. The prices of food goods rose by 18.22%, those of non-food goods were higher by 15.98%, and services were more expensive by 8.26%, according to data published on Monday by the National Institute of Statistics (INS). Gas has become more expensive in the last year, as the rates were 70.64% higher in August of this year compared to August 2021.
“Consumer prices in August 2022 compared to July 2022 increased by 0.6%. The inflation rate since the beginning of the year (August 2022 compared to December 2021) is 11.6%. The annual inflation rate in August 2022 compared to August 2021 is 15.3%. The average rate of change in consumer prices in the last 12 months (September 2021 – August 2022) compared to the previous 12 months (September 2020 – August 2021) is 11.0%”, the INS press release states.
According to INS data, the harmonized index of consumer prices in August 2022 compared to July 2022 is 100.44%.
The INS mentions that the annual inflation rate in August 2022 compared to August 2021 calculated on the basis of the harmonized index of consumer prices (IAPC) is 13.3%. The average rate of change in consumer prices in the last 12 months (September 2021 – August 2022) compared to the previous 12 months (September 2020 – August 2021) determined on the basis of the HIPC is 9.5%.
Gas has become more expensive in the last year, as the rates were 70.64% higher in August of this year compared to August 2021.
In the top of the non-food goods that recorded the biggest price increases were also fuels, with a price advance of 31.48% in August 2022 compared to August 2021, and thermal energy – plus 22.98%.
The foods that rose in price the most in the reference interval were potatoes, with price increases of 54.34%, edible oil – 49.68% and flour – 34.28%.
In the services sector, air transport – 33.91%, water, sewerage – 21% and CFR transport – 20.92% have become more expensive. Telephone services became cheaper by 0.94%, this being the sure reduction in August of this year compared to August 2021.
From month to month, in August the most important price increases were recorded for air transport – 23.89%, sugar by 9.90%, butter by 6.81% and cow’s milk – 5.56%.
Last month there were also food products that became cheaper: fresh fruit the most, by 1.32%, other vegetables and canned vegetables, by 1.18% and corn, by 0.02%. Also, INS data show that fuel tariffs were lower by 2.28%, telephone services by 0.9%, road transport by 0.15% and television subscriptions by 0.06%.
The National Bank of Romania (BNR) increased the inflation forecast for the end of this year to 13.9% and estimates inflation of 7.5% for the end of next year.

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