It also raised the 2022 inflation forecast to 3% from the previous forecast of 2.8%.
The bank said it revised its consumer price inflation forecast for the end of this year mainly due to energy price dynamics.
The central bank, which targets inflation at 1.5%-3.5%, said the annual inflation rate is expected to climb visibly above the upper bound of the variation band of the target in the second half of 2021, under the stronger transitory impact of supply-side factors, including the steep rise in some commodity prices likely to accelerate inflation globally.
At the onset of 2022, the annual inflation rate is seen returning and remaining afterwards in the upper half of the target band.
The central bank warned that considerable uncertainties and risks to the new inflation outlook stem from the evolution of the pandemic and associated restrictive measures, largely dependent on the extent and effectiveness of the vaccination process.
Major sources of uncertainties and two-way risks also continue to be the fiscal policy stance, in the context of the budget consolidation presumed to be carried out gradually over the medium term, as well as the absorption of European funds.