The strong dynamics of consumer price growth continued at the beginning of the second quarter. According to the latest data from the DZS, the prices of goods and services for personal consumption, measured by the consumer price index, were on average 9.4 percent higher in April compared to April 2021. Compared to March, consumer prices were on average 2.6 percent higher, as stated in a press release by Raiffeisen Bank.
When observed on a monthly basis, the prices of Clothing and Footwear increased the most on average, by 7.6 percent, contributing +0.44bp to the increase due to new collections of clothing and footwear, followed by Housing, water, electricity, gas, and other fuels, by 5.3 percent (+0.89bp due to higher prices of natural gas and electricity for households), Restaurants and hotels, by 3.8 percent (+0.19bp), Food and non-alcoholic beverages, by 2.5 percent (+0.65bp), Furnishings, household equipment, and routine household maintenance, by 1.9 percent (+0.11bp), and Transport, by 1.7 percent (+0.25bp due to higher prices of fuel and lubricants for personal vehicles).
Food prices, which include non-alcoholic beverages and account for a quarter of the consumer basket, accelerated their growth to 12.8 percent year-on-year and contributed nearly 35 percent to the annual rate of consumer price growth in April.
As expected, the price increase in the Transport group (primarily fuel) recorded a double-digit annual change (+16.4 percent) with over 25 percent contribution to the price increase. Finally, the prices of Housing, water, electricity, gas, and other fuels were 8.8 percent higher year-on-year, contributing to a growth of 15.6 percent.
When observed by specific groups, the highest average annual price increase was recorded in the Energy group, by 19.3 percent (contributing +3.24 percentage points to the increase).
Overall, excluding energy, consumer prices were 7.5 percent higher and 5.1 percent higher excluding energy and food. Service prices were 3.8 percent higher year-on-year.
