The consumer prices rose by 8.4% in January 2022 compared to the same period last year, and the inflation rate accelerated from 8.2% in December, according to the statistics office INS.

Compared to December, consumer prices increased by 1.5%. The annual increase was driven by the 10.2% advance of the non-food prices, while food prices rose by 7.2%.

The fees of the services increased by 5.7% compared to January 2021.

The natural gas prices increased by 60.9% YoY, while for thermal energy they increased by 21.5% YoY.

Other significant advances were for postal services, of 22.5%, and among the category of food prices, the price of edible oil increased by 25.7% YoY, potatoes (25.6%), corn (17%), sugar (11%).

The consumer price inflation will peak in April (11.2%), once the support schemes for household users of electricity and natural gas have expired, to remain close to the double-digit area at the end of the year (9.6%), under the baseline inflation scenario unveiled by the National Bank of Romania (BNR).

But it will subdue quickly and enter the target inflation band at the end of 2023, the central bank expects.

Widening the scope of the forecast from just inflation, BNR warns that large and persistent hikes in energy commodity prices pose relevant risks to economic activity as well.

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iulian@romania-insider.com