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

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.