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Harmonized indices of consumer prices in June 2022
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Harmonized indices of consumer prices in June 2022

Last update: 19.07.2022
Ilustračný obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 19.07.2022

The year-on-year harmonized inflation continued to rise in June 2022, reaching 12.6%

Consumer prices rose by 12.6% year-on-year in June 2022 according to the European harmonized methodology, compared with 11.8% in May 2022. The month-on-month HICP inflation was 1.1% in June, compared with 0.4% in June last year.

The average annual HICP inflation rate in June 2022 (the average of the harmonized indices of consumer prices over the last 12 months compared with the average of the previous 12 months) increased by 0.8 percentage point to 7.1% compared with its value in the previous month of May 2022. The annual average HICP inflation rate is an important indicator of a country's price stability, and its level is also assessed as one of the four so-called Maastricht criteria that an EU Member State must meet before adopting the common currency, the Euro.

During June 2022, harmonized prices increased by 1.1% month-on-month. This result was most significantly influenced by the positive contribution of the division of food and non-alcoholic beverages by 0.54 percentage points, where the growth of food prices was decisive. It was almost half of the total month-on-month inflation. The second most significant influence on price growth compared to May was the transport division (contribution +0.18 points), mainly affected by the continued increase in fuel prices. Two divisions – housing and energy and recreation and culture had the third most significant influence, with the same contribution of +0.09 points to the total figure. The first of them was determined by the price growth of water and sewage, and then of services related to housing. The second of them was affected by the slight price increase of several components, especially newspapers and stationery and package holiday tours.

Data source: DATAcube. database

Outputs for inflation

Statistical office publishes data on Harmonized Indices of Consumer Prices (HICP) usually on the day of their publication by Eurostat; a few days after the national CPI inflation release. This is inflation calculated accord-ing to the uniform EU methodology in order to ensure the mutual comparability of consumer price indices be-tween countries. Consumer baskets differ in part, The HICP, unlike the CPI, does not include the components "Imputed rents" and selected items related to major repairs and household maintenance, which results in cer-tain differences in the weights of the other components.

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