Core inflation

The annual rate of CPI inflation is expected to maintain its upward trend until the end of the year, when it will reach the level of 3.4 pct, and will fall to 2.8 pct at the end of 2022, the Report on Inflation of the National Bank of Romania (BNR) reads.

The annual inflation rate went up to 2.99% in January this year, from 2.1% in December, given that the prices for non-food items increased by 3.25%, of food items by 2.88% and of services by 2.51%, according to the data published on Friday by the National Institute of Statistics (INS). "Consumer prices in January 2021, compared with December 2020, have gone up by 1.3%.

The annual inflation rate remained stable at 2.1% in December last year as food prices rose by 3.24%, services by 2.69%, and non-food goods by 1.01%, according to data published on Thursday by the National Institute of Statistics (INS). "Consumer prices in December 2020, compared to December 2019, increased by 2.1%.

Another factor was the fall in petroleum product prices, the National Bank of Serbia (NBS) announced.

Working in the opposite direction were higher prices of transport services and the seasonal rise in prices of clothes and footwear, a press release from the government's office added.

The National Bank of Serbia (NBS) Executive Board on Thursday voted to keep the key policy rate on hold at 3.5 percent.

The Turkish Central Bank left its key interest rates on hold for the third straight meeting on Sept. 14, keeping monetary policy tight after annual inflation rose back to double digits last month.

The bank kept its late liquidity window, the highest of the multiple instruments it uses to set policy, at 12.25 percent and the benchmark repo rate at 8 percent.

The inflation data in August clearly proved that inflation is not solely caused by food, as we reached the highest core inflation rate in the last 12 years at 10.2 percent. Indeed, this core inflation rate has occurred in a year when the official inflation target is 8 percent.

Turkey's monthly inflation rose 0.15 percent in July over the previous month but annual inflation dropped to 9.79 percent, its lowest level in six months, the Turkish Statistical Institute (TÜİK) stated on Aug. 3.

Consumer price inflation fell by 1.1 points, down from 10.9 percent in June, according to TÜİK.

The Turkish Central Bank raised its end-2017 inflation forecast to 8.7 percent on Aug. 1 from a previous 8.5 percent, citing double-digit increases in food prices.     

Cheap energy prices kept U.S. inflation flat in June in another sign price pressures remain weak in the world's largest economy, Labor Department figures showed on July 14.

The falling price of gasoline also helped hold down US retail sales, which contracted for the second straight month in June, the Commerce Department reported separately.