Inflation in Croatia, measured by the Consumer Price Index (CPI), in May 2023 decelerated to 7.9% compared to May 2022, with May being the sixth consecutive month to see inflation decelerate and recording the lowest inflation rate since March 2022.

According to a preliminary report by the Croatian state statistics bureau (DZS), released on Thursday, inflation in May 2023 stood at 7.9% compared to May 2022.

Year-on-year inflation rate slowing for sixth straight month

The year-on-year inflation rate thus dropped for the sixth consecutive month, after in November 2022 it reached a record high of 13.5%. In December it slowed down to 13.1%, in January 2023 it was 12.7%, in February 12%, in March 10.7% and in April 8.9%.

In terms of the main index components, prices of food, non-alcoholic beverages and tobacco are estimated to have gone up year-on-year by 13.5%, prices of industrial non-food products not including energy are estimated to have gone up by 8.5% and prices of services by 8%. At the same time, according to the preliminary estimate, energy prices dropped by 3.1% year-on-year.

Month-on-month, prices of food, non-alcoholic beverages and tobacco are estimated to have gone up by 1.4%, while prices of industrial non-food products without energy and services are estimated to have increased 0.7% each. At the same time, energy prices dropped 2%.

The DZS said the final data on CPI in May will be published on 16 June.