Annual harmonized inflation decreased again in April, reaching 14.0%

Following the European harmonized methodology, consumer prices in April 2023 rose by 14,0% annually, in March 2022 this value was 14.8%. The month-on-month HICP inflation reached 0.6% in April.

The average annual rate of HICP inflation in April 2023 (change in the average price level for the average of the harmonized consumer price indices for the last 12 months compared to the average of the previous 12 months) reached a value of 14.0%. The annual HICP inflation (comparing the price level in a given month against the price level in the same month of the previous year) reached the same value of 14.0% in April 2023 as the average annual rate of HICP inflation. A year ago (April 2022), annual HICP inflation was 5.4% higher than the average annual inflation rate. The average annual HICP inflation rate is an important indicator of a country’s price stability, its level is also considered as one of the four so-called Maastricht criteria that an EU Member State must meet before adopting the euro.

In April 2023, the harmonized consumer price indices grew by 0.6% month-on-month in total. The month-on-month increase in the price level was most affected by the increase in prices in the Transport division: the positive contribution of the entire division represented +0.12 percentage points. The second most significant influence on price growth in April compared to March price level had the Furnishings, household equipment and routine household maintenance division (+0.11 p.p.). The third highest contribution (+0.06 p.p.) to month-on-month inflation had equally two divisions: Food and non-alcoholic beverages and Restaurants and hotels.