Romania’s 2022 inflation rate set to be highest since EU membership, says central bank

Consumer prices will continue to grow over the next months, with inflation set to be the highest since the country joined the EU in 2007. [Shutterstock / Vaclav Mach]

Consumer prices will continue to grow over the next months, with inflation set to be the highest since the country joined the EU in 2007, surpassing the highest ever record set in 2021.

The central bank forecasts a major increase in the inflation rate after April, when the schemes to protect consumers from the energy price increases will end.

According to the central bank, fuel prices will also significantly influence the inflation rate this year, as international oil prices continue upward.

Energy prices massively influence the consumer basket, and the central bank sees a 12% increase in food product prices during the first quarter.

According to the bank’s latest report on inflation, published at the end of last week, the annual inflation rate will be at 9.6% in December 2022. In 2021, the inflation rate was 8.2%, the highest level since 2005.

The central bank estimates that inflation will re-enter its target range of 1.5%-3.5% only in the last quarter of 2023.

(Bogdan Neagu | EURACTIV.ro)

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