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Harmonized indices of consumer prices in May 2020

Harmonized indices of consumer prices in May 2020

Last update: 17.06.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 17.06.2020

In May 2020, the annual inflation rate measured by the harmonized index of consumer prices (HICP) reached 2.1 %. Compared to April 2020 (month-on-month), HICP prices increased by 0.3 %.

The calculation of the harmonized index of consumer prices in May 2020 was also significantly affected by measures taken against the spread of Covid-19 and the cessation of field surveys. Undetected prices from the field were replaced by prices from other sources, e.g. websites, telephone and e-mail inquiries, or data scanner (food, alcoholic beverages) retail chains were used. Part of the undiscovered prices were resolved by imputation. More in the Methodological note HERE.

The average annual inflation rate (expressed as the change in the average harmonized index of consumer prices over the last 12 months compared with the average of the previous 12 months) was 2.8 % in May 2020.

The overall month-on-month harmonized index of consumer prices 100.3 % was mostly influenced by an increase in prices of food (increase of the index by 0.25 %), alcoholic beverages (increase of the index by 0.07 %) and a decrease in prices of fuels and lubricants (decrease of the index by - 0.08 %).

The overall positive and negative contributions of the individual divisions of the COICOP classification were the following: Food and non-alcoholic beverages (positive contribution 0.26 percentage points), Alcoholic beverages and tobacco (positive contribution 0.07 p.p.), Housing, water, electricity, gas and other fuels (positive contribution 0.02 p.p.), Miscellaneous goods and services (positive contribution 0.02 p.p.), Recreation and culture (positive contribution 0.01 p.p.), Clothing and footwear (positive contribution 0.01 p.p.), Furniture, household equipment and routine household maintenance (negative contribution -0.01 p.p.), Transport (negative contribution -0.09 p.p.).

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