Inflation 1.55 pc in 2013, close to minimum of BNR’s target interval


 

Salaries up RON 35 in November to RON 1,650 lei, according to data released by INS.

 

The annual inflation at the end of 2013 was 1.55 per cent, according to a release of the National Institute of Statistics (INS). The consumer price index was thus close to the lower end of the target interval of the National Bank of Romania (BNR). The central bank had set for 2013 an inflation target of 2.5 per cent, plus/minus one percentage point.
In 2013, the food prices declined by 1.81 per cent in December, compared to December 2012, while the non-food goods’ and services’ prices advanced by 3.62 per cent and 3.43 per cent respectively, according to INS’s release. Throughout last year, the largest price falls were seen for eggs – 14.67 pc, bread – 11.39 pc, and edible oil – 10.61 pc. On the other hand, the largest price rises were those of water, waste water and garbage collection – 12.07 pc, natural gas – 9.25 pc, tobacco and cigarettes – 8.66 pc, and electricity – 7.9 pc.
In December 2013, on a November 2013 basis, the inflation was 0.33 per cent. Food prices have advanced by 0.62 per cent, non-food goods’ prices by 0.15 per cent, and services tariffs by 0.2 per cent. During the same period, the largest price increases were recorded for potatoes – 9.86 per cent, eggs – 7.24 per cent, and fresh and canned vegetables – 5.51 per cent. On the contrary, citrus fruit were 2.81 per cent cheaper. ‘The average price increase, overall for the last 12 months (January 2012 – December 2013) compared to the previous 12 months (January 2012 – December 2013) based on the Consumer Price Index (CPI) was 4 per cent; based on the Harmonized Index of Consumer Price (HICP), it was 3.2 per cent,’ the INS release also mentions.
The net average nominal salary reached RON 1,650 in November, up 2.2 pc (RON 35) against October and 4.8 pc compared to the same month of 2012, with the highest values being registered in the sector of financial intermediations and the lowest in hotels and restaurants, according to INS figures. In financial intermediations, the net nominal average salary was RON 4,118, while in hotels and restaurants it barely reached RON 905.
The most significant increase of the net average nominal salary were registered in the activities auxiliary to financial intermediations (including insurances and pension funds), by 27.2 pc, and in the production of road vehicles, trailers and half-trailers, respectively other extractive activities, between 10 and 12 pc.
In the month under analysis, decreases of the net average salary gain between 4 pc and 6 pc were registered in the coal and oil processing sector, metallurgy, collection and treatment of wastewater, and between 2 pc and 4 pc in cinema production activities, audio recording and other music editing activities (including the broadcasting of shows), post and courier activities, the extraction of metal ores, telecommunications etc. In the sector financed from the state budget, increases of the net average salary gain against October were registered in the education sector (3.3 pc) due to the granting of the sums representing the payment of the personnel by hour. Furthermore, in the public administration, medical and social assistance sectors the net average salary gain slightly advanced by 0.7 pc and 0.5 pc respectively.
The gross average nominal wage reached RON 2,278 in November, 2.1 pc higher than in October 2013.
Compared to October 1990, the index of the real salary gain stood at 124.7 pc, 2.7 percent points above the value registered in October 2013.

Industrial production up 7 pc in first 11 months of 2013

The same provisional data published by INS reveals that the industrial production grew, as gross series and adjusted series depending on the number of workdays and seasonality by 7.6 per cent, 7 per cent respectively in the first 11 months of 2013 compared to the similar time span of 2012. The industrial production (gross series) grew in Nov. 2013 from the previous month by 9 per cent and as an adjusted series depending on the number of workdays and seasonality by 9.9 percent. According to INS, between Jan 1 and Nov. 30, 2013, compared to the same interval of 2012, the industrial production (gross series) was higher by 7.6 per cent, supported by the processing industry that surged by 9 per cent and the extractive industry (2.2 per cent). The production and supply of electric energy and heat, gas, hot water and air conditioning went down by 2 per cent.
By the big industrial groups, there were increases in most categories of goods: in the capital goods industry (11.7 per cent), in the durables industry (10.1 per cent), in the intermediate goods industry (8.4 per cent) and in the consumer goods industry (5.1 per cent). The energy producing industry dropped by 2 per cent.

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