In November 2022, Romania’s inflation rate stood at
\n16.8% exceeding the forecast announced by the Central Bank governor, Mugur
\nIsarescu, of 16.3%. That has been the highest inflation rate in the past two
\ndecades. In 2002, Romania reported an annual inflation rate of 22.5% and from
\n2005 until last year the country had only single-digit inflation rates. <\/p>\n
\n
<\/p>\n
This alarming pace seemed to be
\nslightly going down at the beginning of the year, but went up again last month
\nas compared to January from 15.07 to 15.52% against the latest price hikes in food
\nproducts and services. Figures released on Monday by the National Institute for
\nStatistics prove that the prices of these products and services saw the highest
\nincrease in the first months of the year, but experts say this shouldn’t alter
\nthe forecast by the Central Bank (BNR) according to which the inflation rate will
\nagain return to single digits towards the end of the year. <\/p>\n
\n
<\/p>\n
Food prices saw the most significant
\nincrease in February by roughly 3.4%, while services rose by 2.5%. At the same
\ntime, prices in non-food products slightly dropped by 0.5% on an average. <\/p>\n
\n
<\/p>\n
Significant price hikes were registered last month in
\nthe category of fresh and canned vegetables, up by 6.35% followed by the fresh
\nfruits with roughly 4.9% and services for making and mending clothes and
\nfootwear over 3.5%. <\/p>\n
\n
<\/p>\n
Prices in fresh fish, cheese, personal hygiene and
\ncare products as well as other non-food products have grown between 2% and 3%. <\/p>\n
\n
<\/p>\n
Prices in air transport services went down by more
\nthan 12%, whereas prices for cooking oil, electricity and heat by 1% on an
\naverage. According to the latest forecasts, prices were supposed to continue
\ntheir downward trend, but experts said this process isn’t a linear one. The
\nsame tendency has been noticed in other EU countries as well where the
\ninflation rate in February proved to be higher than a month before. <\/p>\n
\n
<\/p>\n
According to experts, this process of keeping
\ninflation at bay is likely to continue but will have its monthly ups and downs.
\nIn a Radio Romania interview, the financial expert and Central Bank advisor,
\nAdrian Vasilescu, has confirmed this theory. <\/p>\n
\n
<\/p>\n
In the meantime, the INS data show that Romania’s
\ntrade deficit in January stood at 2.338 billion euros, 203.6 million higher
\nthan in January 2022. The rise was partly caused by the growing inflation,
\nwhich raised the imports value, but the main cause is the fact that the
\ndomestic output cannot cover the demand, not even in sectors with tradition,
\nsuch as the agro-food industry, the chemical or the car-making sectors. Experts
\nsay that the authorities should step in and take action in order to prevent the
\nsituation from worsening. <\/p>\n
\n
<\/p>\n
(bill)<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Inflation is again on the rise in Romania where the trade deficit is also growing<\/p>\n","protected":false},"author":105,"featured_media":95021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[35655,36401,33337,40837,31400,29488,34989,35231,35403],"coauthors":[],"class_list":["post-95020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-air","tag-average","tag-bnr","tag-cheese","tag-hikes","tag-inflation","tag-oil","tag-price","tag-rate"],"acf":[],"yoast_head":"\n