Inflation in the eurozone fell to 1.8% in September 2024 due to a sharp drop in energy prices, while Croatia remains one of the member states with an inflation rate well above the European average due to a steady increase in consumer prices. This is according to a flash estimate published by Eurostat on Tuesday.

The annual inflation rate, as measured by the Harmonised Index of Consumer Prices (HICP), thus fell below the European Central Bank’s target of 2.0%. In August 2024, consumer prices had still risen by 2.2%.

Rise in prices for food and services

The slowdown in inflation is due to the sharp fall in energy prices of 6.0% compared to September 2023. In August 2024, energy prices were 3.0% lower than in the same month of the previous year.

In September 2024, food prices rose by 1.5% compared to September 2023 and prices for services by 4.0%. Excluding energy and food prices, consumer prices rose by 2.7%.

In September 2024, prices measured by the HICP fell by 0.1% compared to August 2024.

Core inflation rose by 0.1% compared to August 2024, when it had risen by 0.3%.

Annual inflation rate in Croatia 3.0%

The highest annual inflation rates were recorded in Belgium (4.5%), the Netherlands (3.3%) and Estonia (3.2%), the lowest rate in Ireland (0.2%).

Croatia recorded an annualised inflation rate of 3.0%, the same as in August. On a monthly basis, HICP consumer prices in Croatia fell for the first time this year in September, by 0.6%. In the previous month, they had risen by 0.1%.

The consumer price index of the Croatian Bureau of Statistics (DZS) shows that consumer prices in Croatia were 1.6% higher in September 2024 than in September 2023 and 0.3% higher than in August 2024.