DZS: Inflation in October 5.8 Percent

Consumer prices in Croatia were in October 5.8 percent higher compared to the same month last year, announced the Croatian Bureau of Statistics (DZS), marking the lowest inflation rate since January of last year.

The Croatian Bureau of Statistics (DZS) published the second estimate of the consumer price index, according to which the inflation rate in October was 5.8 percent compared to October 2022, and 0.5 percent compared to the previous month, that is, September of this year.

Thus, the DZS confirmed the first estimate, published on October 31, regarding the annual inflation trend, while slightly adjusting the monthly rate upwards, which was initially estimated at 0.4 percent.

Inflation significantly slowed down in the 10th month on an annual basis, considering it was 6.7 percent in September. The rate of 5.8 percent is the lowest inflation rate since January of last year, when it was 5.7 percent.

When observed according to the main groups of the ECOICOP classification, all categories increased on an annual basis, with the highest increase in consumer prices on average recorded in the category of restaurants and hotels, at 12.1 percent. This is followed by food and non-alcoholic beverages at 8.7 percent, recreation and culture at 6.7 percent, while the categories of clothing and footwear as well as various goods and services recorded a jump of 6.6 percent each.

Furthermore, prices in the health category increased by 6.4 percent, household goods, equipment for the home, and regular household maintenance by 6.3 percent, education by 5.5 percent, and alcoholic beverages and tobacco by 5.4 percent.

Communications recorded an increase of 5.1 percent, transportation 4.2 percent, while the mildest price increase was in the category of housing, water, electricity, gas, and other fuels, at 0.3 percent.

According to the main components of the index (specific aggregates), in the component of food, beverages, and tobacco, the price increase on an annual basis was 8.2 percent. Service prices increased by 7.3 percent, and industrial non-food products without energy by 5.8 percent. On the other hand, a price decrease was recorded in the energy component, by 0.3 percent, the DZS reported.

On a monthly basis, the highest price increases were recorded in clothing and footwear, the largest decrease in recreation and culture

On a monthly basis, the DZS statistics showed that the highest average price increase was in clothing and footwear, by 11.1 percent, and communications, by 2.7 percent. This is followed by education with an increase of 1.2 percent, health by 0.5 percent, various goods and services by 0.3 percent, while in the categories of household goods, equipment for the home, and regular household maintenance as well as alcoholic beverages and tobacco, the increase was 0.1 percent.

The largest price decrease, however, was recorded in recreation and culture, at 0.8 percent, followed by transportation at 0.6 percent, prices in the categories of food and non-alcoholic beverages as well as housing, water, electricity, gas, and other fuels fell by 0.5 percent each, and in restaurants and hotels by 0.1 percent.

According to the main components of the index, on a monthly basis, price increases were recorded in the components of industrial non-food products without energy, by 2.7 percent, and services, by 0.4 percent, while a price decrease was recorded in the components of energy, by 1.2 percent, and food, beverages, and tobacco, by 0.4 percent, according to DZS data.

HIPC – annual inflation 6.7 percent

In its statement on the consumer price index, the DZS also provides data on inflation measured by the harmonized index of consumer prices (HIPC), which is a comparable measure of inflation with European Union countries. According to this data, the prices of goods and services for personal consumption in October were on average 0.3 percent higher compared to September, and 6.7 percent compared to October 2022.