Each Romanian will be able to calculate his or her "own" inflation

The National Statistics Institute (INS) intends to enable Romanians to calculate their own consumer price index based on the prices paid and on each individual’s spending structure, with the institution’s website to feature a calculator for determining each individual’s inflation. “It is necessary to break the indicators down, the question is to what level,” said Vergil Voineagu (photo), head of the INS, at the end of last week. The index will not be calculated by the INS, the institution will make available the technical application, the list of products and the spending structure, and each individual will be able to calculate their own index, based on their spending structure and the prices paid. Voineagu said the INS was working on improving the methodology used, from data collection to drawing up the reports. “We plan to improve the calculation methodology and the area covered by the price index, with the first report on the real estate price index to be published at the end of the year.” The INS will publish its first report on the trend of prices on the real estate market in December, with data collection to start in August. The information will come from notaries public and financial administration offices. The reports on the residential real estate sector in Romania will be published on a quarterly basis, with the December report being part of the pilot project, backed by PHARE funds.