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Harmonized indices of consumer prices in October 2022
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Harmonized indices of consumer prices in October 2022

Last update: 16.11.2022
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Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 16.11.2022

Year-on-year harmonized inflation reached 14.5% in October, the highest value since the beginning of the millennium

Following the European harmonized methodology, consumer prices in October 2022 rose by 14.5% year-on-year, in September 2022 this value was 13.6%. The month-on-month HICP inflation reached 1.3% in October, while in October last year its value was 0.5%.

The average annual rate of HICP inflation in October 2022 (the average of harmonized consumer price indices over the last 12 months compared to the average of the previous 12 months) reached a value of 10.4%. It is 8.1 percentage points more than its value in October last year. 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 October 2022, harmonized prices rose by 1.3% month-on-month. This result was most significantly influenced by the positive contribution of the Food and non-alcoholic beverages division by 0.58 percentage points, where the growth of food prices was decisive. The contribution of the increase in the prices of food and non-alcoholic beverages accounted for almost half of the total month-on-month inflation in October. The Clothing and footwear division had the second most significant influence on price growth compared to September (positive contribution of 0.18 p.p.). The Housing, water, electricity, gas, and other fuels division was third in the order of contributions to month-on-month inflation (positive contribution of 0.17 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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