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Harmonized indices of consumer prices in May 2022
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Harmonized indices of consumer prices in May 2022

Last update: 17.06.2022
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Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 17.06.2022

The year-on-year harmonized inflation significantly increased again, it reached the value 11.8% in May 2022

Consumer prices rose by 11.8% year-on-year in May 2022 according to the European harmonized methodology, compared to 10.9% in April 2022. Month-on-month HICP inflation was 1.4% in May, compared to 0.6% in May last year.

The average annual HICP inflation rate (the average of the harmonized consumer price indices over the last 12 months compared to the average of the previous 12 months) was 6.3% in May 2022. This was 0.8 percentage point (p.p.) higher than in April 2022. This indicator is important for assessing price stability in the country.

The 1.4% month-on-month HICP inflation rate in May 2022 was mainly influenced by price increases in the following divisions: Food and non-alcoholic beverages (positive contribution of the whole sector of 0.81 p.p - the entire contribution was accounted for by the increase in food prices), Transport (positive contribution of 0.12 p.p.), Restaurants and hotels (positive contribution of 0.12 p.p.), Miscellaneous goods and services (positive contribution of 0.08 p.p.), Clothing and footwear (positive contribution of 0.08 p.p.), Housing, water, electricity, gas and other fuels (positive contribution of 0.06 p.p.), Furniture, furnishings and routine household maintenance (positive contribution of 0.06 p.p.).

Data source: DATAcube. database

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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