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Harmonized indices of consumer prices in August 2022
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Harmonized indices of consumer prices in August 2022

Last update: 20.09.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 16.09.2022

The year-on-year harmonized inflation reached 13.4% in August, rising continuously for the nineteenth consecutive month

Consumer prices rose by 13.4% year-on-year in August 2022 according to the European harmonized methodology, compared with 12.8% in July 2022. The month-on-month HICP inflation was 0.7% in August, compared to 0.2% in August last year.

The average annual HICP inflation rate in August 2022 (the average of the harmonized consumer price indices over the last 12 months compared to the average of the previous 12 months) reached 8.8%. This is 0.8 percentage points higher 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 August 2022, harmonized prices rose 0.7% month-on-month. This result was most strongly influenced by a positive contribution of 0.37 p.p. from the Food and non-alcoholic beverages division, where the rise in food prices was decisive. It was almost half of the overall month- on-month inflation. The Housing, water, electricity, gas and other fuels division had the second most significant impact on price growth compared to July (positive contribution of 0.14 p.p.). The third most significant impact, with a contribution of +0.10 p.p. to the total figure, was in Miscellaneous goods and services division (of which the increase in prices of personal care

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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