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INFLATION AND THE EVOLUTION OF CONSUMER PRICES: AUGUST 2021

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1. The Consumer Price Index (CPI)

 

- Consumer prices were up 0.2% in August 2021 from July 2021.

- The inflation rate since the beginning of the year (August 2021 compared to December 2020) is 4.7%.

- The annual inflation rate in August 2021 compared to August 2020 is 5.3%.

- The average consumer price rate over the last 12 months (September 2020-August 2021) as compared to the previous 12 months (September 2019-August 2020) is 3.3%.

 

2. The Harmonised Index of Consumer Prices (HICP)

 

- The Harmonised Index of Consumer Prices in August 2021 compared to July 2021 is 100.18%.

- The HICP-based annual inflation rate in August 2021 compared to August 2020 is 4.0%.

- The HICP-based average consumer price rate over the last 12 months (September 2020-August 2021) as compared to the previous 12 months (September 2019-August 2020) is 2.6%.

 

 

Electrical energy, natural gas and edible oil had the highest price increases in the past year, while potatoes recorded the most significant price drop, according to the data of the National Institute for Statistics (INS) published on Friday.

In the August 2020 - August 2021 interval, prices for electrical energy have increased by 24.65 pct, for natural gas by 20.55 pct, edible oil by 21.27 pct, while potatoes recorded drops in price of 31.33 pct.

In what regards foodstuffs, in the past year the highest price increases were for edible oil - 21.27 pct, sheep's cheese - 6.53 pct, fresh fish - 6.15 pct, and the most important price drops were recorded in potatoes - 31.33 pct, fresh fruit - 2.51 pct and citrus and other meridional fruit - 1.13 pct.

Since the beginning of this year, oil increased in price by 17.30 pct, citrus and other meridional fruits by 16.77 pct, and fresh fruit by 5.55 pct, while potatoes were 10.65 pct cheaper and eggs by 4.32 pct cheaper.

In the non-food items category, the highest price increases in the past year have been for electrical energy - 24.65 pct, natural gas - 20.55 pct, and fuels - 14.11 pct, while the only price decrease was recorded for thermal energy, by 0.21 pct.

Since the beginning of 2021, the price for electrical energy increased by 23.15 pct, for natural gas by 20.49 pct, and for fuels by 12.16 pct.

In the case of services, the highest increases were noted in postal services (plus 5.53 pct), water, sewerage and sanitation (5.16 pct), and other services industrial in character (4.52 pct). Meanwhile, airplane travel saw a price decrease of 13.14 pct.

Since the beginning of the current year, most price increases were recorded in postal services (5.51 pct) water, sewerage and sanitation (5.46 pct) and auto, electronic and photo repair (3.48 pct).

The annual rate of inflation has increased to 5.3 pct in August 2021, from 5 pct in July, given that non-foodstuffs had price increases of 7.92 pct, non-foodstuffs of 2.7 pct, and services of 2.97 pct, according to the data published on Friday by the National Institute for Statistics (INS). 

 

The National Bank of Romania increased to 5.6 pct its inflation prognosis for the end of this year, according to a presentation done in August by the Governor of the Bank of Romania, Mugur Isarescu.

 

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