The annual inflation rate stagnates. Will the Central Bank succeed in reaching the target for 2022? The BNR missed the inflation target in the last 30 years

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By rbj
The annual inflation rate in July 2022 compared to July 2021 is 15%, slightly decreasing from 15.1%, and compared to December 2021 it is 11%, according to data published on Thursday by the National Institute of Statistics (INS).
“Consumer prices in July 2022 compared to June 2022 increased by 0.9%. The inflation rate since the beginning of the year (July 2022 compared to December 2021) is 11%. The annual inflation rate in July 2022 compared to July 2021 is 15%. The average rate of change in consumer prices in the last 12 months (August 2021 – July 2022) compared to the previous 12 months (August 2020 – July 2021) is 10.1%”, according to INS data.
The harmonized index of consumer prices in July 2022 compared to June 2022 is 100.46%. The annual inflation rate in July 2022 compared to July 2021 calculated on the basis of the harmonized index of consumer prices (HICP) is 13%.
The average rate of change in consumer prices in the last 12 months (August 2021 – July 2022) compared to the previous 12 months (August 2020 – July 2021) determined on the basis of the HIPC is 8.7%.
The prices of non-food goods increased by 16.59% in July 2022 compared to July 2021, food goods increased in price by 16.05%, and services by 8.33%.
Among food commodities, edible oil rose in price the most, by 51.86% compared to July 2021 and by 3.7% compared to June 2022, as well as oil, bacon and fats, by 48.19% compared to July 2021 and by 3.55% compared to June 2022. Potatoes became more expensive by 41.85% compared to July 2021 and became cheaper by 12.32% compared to June 2022.
In non-food goods, gas prices rose the most, by 70.10% compared to July 2021 and by 8.16% compared to June 2022. Fuels increased in price by 35.63% in July compared to July 2021 and they became cheaper by 2.04% compared to June 2022.
In terms of services, the price of air transport increased the most, by 34.02% in July compared to July 2021, and by 6.29% compared to June 2022.
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, according to the data presented on Tuesday by the governor of the BNR, Mugur Isărescu.

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