Annual inflation rate up again: 15.5% in February

The annual inflation rate in February 2023 compared to February 2022 is 15.5, reads the latest report by the National Institute of Statistics (INS).  The consumer price index In February 2023 compared to January 2023 is 100.98%, while the inflation rate since the beginning of the year (February 2023 compared to December 2022) is 1.3%. The average rate of change in consumer prices over the last 12 months (March 2022-February 2023) as compared to the previous 12 months (March 2021-February 2022) is 14.9%.

INS also notes that the Harmonised Index of Consumer Prices in February 2023 compared to January 2023 is 100.98%. The HICP–based annual inflation rate in February 2023 compared to February 2022 is 13.4%, while the HICP–based average rate of change in consumer prices over the last 12 months (March 2022–February 2023) as compared to the previous 12 months (March 2021–February 2022) is 13.0%.

Food goods rose in price by 22.35%, non-food goods by 12.73%, and services by 10.38%.

In February compared to January, the prices of vegetables and canned vegetables increased the most, by 6.35%, fresh fruit, by 4.88%, potatoes, by 4.61%, fresh fish, by 2.78% , cheese, with 2.26%. Price increases were also recorded for eggs, by 1.33%, sugar – 1.23%, milk – 1.01%, poultry meat – 1.2%, milling and bakery products – 1.13%, but also beer, with 1.63%.

In the group of food products, prices were recorded for edible oil, in February compared to January, by 1.83%.

In the services category, the highest price increase, with 3.55%, in February compared to the previous month, was recorded in the manufacture and repair of clothing and footwear. Rents increased by 1.1%, medical care by 1.58%, restaurants, cafes, canteens by 1.57%, and hygiene and cosmetics +1.46%.

There were reductions in plane tickets, by 12.28%, in electricity – 1.33%, and thermal energy – 1.06%.

The National Bank of Romania expects the annual inflation rate to decrease faster than previously anticipated, especially starting from the third quarter of the current year, against the background of the extension of energy price capping and compensation schemes until March 31, 2025 and the redefinition of their characteristics from January 1, 2023.