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Harmonized indices of consumer prices in September 2022
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Harmonized indices of consumer prices in September 2022

Last update: 19.10.2022
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Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 19.10.2022

Year-on-year harmonized inflation reached 13.6% in September, growing continuously for the twentieth month in a row

Following the European harmonized methodology, consumer prices in September 2022 rose by 13.6% year-on-year, in August 2022 this value was 13.4%. The month-on-month HICP inflation reached 0.9% in September, while in September last year its value was 0.8%.

The average annual HICP inflation rate in September 2022 (the average of the harmonized consumer price indices over the last 12 months compared to the average of the previous 12 months) reached 9.6%. It is 0.8 percentage points more than its value in the previous month. The average annual 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 euro.

During September 2022, harmonized prices rose by 0.9% month-on-month. This result was most strongly influenced by a positive contribution of 0.51 percentage points from the Food and non-alcoholic beverages division, where the rise in food prices was decisive. The contribution of the increase in the prices of food and non-alcoholic beverages together accounted for more than half of the total month-on-month September inflation. The Housing, water, electricity, gas, and other fuels division had the second most significant impact on price growth compared to August (positive contribution of 0.13 p.p.).  The third in the order of contributions to inflation was the Restaurants and hotels division, with a contribution of +0.13 percentage points to the total figure, of which the increase in prices of catering services was +0.12 p.p. . Prices in the division of Furniture, furnishings and routine household maintenance also increased significantly (positive contribution of 0.11 p.p.).

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 according to the uniform EU methodology in order to ensure the mutual comparability of consumer price indices between 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 certain differences in the weights of the other components.

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