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RNB issues inflation report
The Romanian National Bank has upped its inflation prognosis to 13.9% for the end of this year, and estimates an inflation of 7.5% for the end of next year. In May, the central bank estimated inflation rates of 12.5% for late this year, and 6.7% for 2023. In mid 2024, inflation is expected to reach 2.3%. The rate of inflation has intensified its rate of growth from April to June, and exceeded 15% against shocks generated by the price of energy, fuels, and other goods, but also the growth in the price of food, especially the processed kind. RNB governor Mugur Isarescu pointed to the so-called ROBOR index, used to calculate loan rates for consumers. He believes that banks had an exaggerated response when they exceeded the monetary policy rate with the ROBOR index. The latter was about 3% in January, but now it is over 8%, way over the National Bank reference interest rate of 5.5%.
Romania's harvest sufficient in spite of