Year-on-year harmonized inflation reached 15.1% in November, the highest value since the beginning of the millennium

Following the European harmonized methodology, consumer prices in November 2022 rose by 15.1% year-on-year, in October 2022 this value was 14.5%. The month-on-month HICP inflation reached 1.0% in November, while in November last year its value was 0.5%.

The average annual rate of HICP inflation in November 2022 (the average of the harmonized indices of consumer prices over the last 12 months compared to the average of the previous 12 months) reached a value of 11.3%. It is 8.8 percentage points more than its value in November last year. The average annual HICP inflation rate is an important indicator of a country’s price stability, its level is also considered as one of the four so-called Maastricht criteria criteria that an EU Member State must meet before adopting the euro.

In November 2022, the harmonized indices of consumer prices increased by 1.0% month-on-month in total. Similar to previous months, the month-on-month increase in the price level was most affected by the increase in prices in the Food and non-alcoholic beverages division, which accounted for almost half of the total month-on-month price increase: the positive contribution of the entire division represented +0.48 percentage points of the total month-on-month inflation. The second most significant influence on price growth in November compared to October was the Furnishings, household equipment and routine household maintenance division (+0.11 p.p.). The third highest contribution to the month on month inflation was recorded in Housing, water, electricity, gas and other fuels division (+0.10 p.p.).