Consumer prices in Croatia in August 2023 were 7.8% higher than in August 2022, the national statistical office (DZS) reported on Friday, which means that inflation has increased year-on-year for the first time after going down for eight months. Pročitaj više

According to the DZS’s second estimate of the consumer price index, inflation in August 2023 stood at 7.8% compared to August 2022, while compared to the previous month it was 0.5% higher.

The DZS thus confirmed its preliminary estimate, published on 31 August, on year-on-year inflation trends, slightly revising down its monthly rate, which according to the preliminary estimate was 0.6%.

The inflation rate increased on a yearly basis for the first time after eight months., after reaching a record high 13.5% in November 2022, 13.1% in December 2022, 12.7% in January 2023, 12% in February, 10.7% in March, 8.9% in April, 7.9% in May, 7.6% in June and 7.3% in July.

According to the ECOICOP classification, all categories saw year-on-year increases, with consumer prices going up the most for Restaurants and accommodation services (+14.2%), Food and non-alcoholic beverages (+11%), Clothing and footwear (+9.9%), and Miscellaneous goods and services (+9.4%).

Consumer prices in Recreation and culture jumped by 7.7%, those in Furnishings, household equipment and routine household maintenance by 7.5%, Health by 6.6%, Housing, water, electricity, gas and other fuels by 6.2%, and Alcoholic beverages and tobacco by 5.5%.

The smallest increases in consumer prices were registered for Information and communications (+3.5%) and Transport (+3.3%).

According to the main index components (special aggregates), year-on-year price increases were registered in Food, beverages and tobacco (+10.1%), Services (+7.8%), Industrial non-food products without energy (+7.2%), and Energy (+4.2%), the DZS said.

Prices of transport services see highest m-o-m growth

Month-on-month, the prices of Transport went up the most, by 2.9%, as did the prices of Communications, by 1.4%. They are followed by Restaurants and hotels (+0.7%), Housing, water, electricity, gas and other fuels, food and non-alcoholic beverages (+0.5%), Recreation and culture (+0.4%) and Miscellaneous goods and services (+0.3%).

The consumer prices of Food and non-alcoholic beverages and Alcoholic beverages and tobacco saw the mildest growth, of 0.2% each.

On the other hand, consumer prices dropped for Clothing and footwear (-4.2%), a consequence of seasonal discounts.

According to the main index components, month-on-month, consumer prices grew for Energy (+2.6%), Services (+0.7%), and Food, beverages and tobacco (+0.2%). Consumer prices for Industrial non-food products without energy dropped by 0.7%.

HIPC – Year-on-year inflation at 8.4%

The DZS also provides data on inflation as measured by the Harmonised Index of Consumer Prices, which is a measure of inflation comparable with EU countries.

Those data shows that consumer prices for goods and services for personal consumption in August 2023 grew by 0.5% from July 2023 and by 8.4% from August 2022.