Croatia's inflation rate, measured by the consumer price index, slowed down to 7.4% in July, thus decelerating for eight months in a row year on year, the national statistical office (DZS) reported on Monday.

The DZS  published the preliminary estimate of the consumer price index, according to which the inflation rate in July was 7.4% compared to July 2022, while compared to the previous month it was 0.3%.

The annual inflation rate decreased for the eighth straight month, after reaching a record 13.5% in November last year. In December, growth slowed down to 13.1%, in January inflation was 12.7%, in February 12%, and in March 10.7%, while in April, May and June it was 8.9%, 7.9% and 7.6% respectively year on year.

Observed according to the main components of the index, the estimated annual inflation rate for the group including food, beverages and tobacco was 11.5%, for industrial non-food products excluding energy was 8.5%, for services 7.7% and energy proced went don (-1.7%), according to the DZS.

On a monthly level, prices of services and prices of energy increased 1.7% each, while food, beverages and tobacco increased 0.3% from June. First estimates show that prices of  industrial non-food products excluding energy dropped by 2.1% month on month.

The DZS said it would publish the final data on the consumer price index for July according to the ECOICOP classification (European Classification of Individual Consumption according to Purpose) on 17 August.