Initial Data after the Introduction of the Euro in Croatia: Inflation is Slowing Down

World » EU | February 3, 2023, Friday // 17:31
Bulgaria: Initial Data after the Introduction of the Euro in Croatia: Inflation is Slowing Down @Wikimedia Commons

Croatia reported a slowdown in the growth of prices for consumer goods and services in the month after the introduction of the euro.

The prices of goods and services for personal consumption, measured by the consumer price index, according to a preliminary estimate in January this year compared to January 2022, were higher on average by 12.7 percent, and compared to December they remained unchanged, announced the State Institute for Statistics (DZS) of Croatia.

Observed by individual groups, the expected annual inflation for the group of food, beverages and tobacco products is 15.4 percent, for energy - 13.8 percent, for industrial non-food products without energy - 12.1 percent and for services - 9, 3 percent, states the announcement of the State Institute, quoted by HINA.

On a monthly basis, i.e. compared to December last year, food, beverages and tobacco are up 1.3 percent, services up 1.1 percent, while industrial non-food products excluding energy are expected to drop 2.1 percent and energy down 1 percent.

The National Institute of Statistics reports that the final data for January's consumer price index will be published on February 23, as it will need to be calculated according to the European Classification of Individual Consumption by Purpose (ECOICOP).

Then more accurate and detailed data will become known, which will show whether the slowdown in consumer price growth continues on an annual basis, as indicated by a first estimate published today. A slowdown in consumer price growth was also reported in December last year, when consumer prices rose 13.1 percent year-on-year, while in November 2022, annual inflation was a record 13.5 percent.

The State Institute of Statistics for the first time published an estimate of the consumer price index, which is based on data on retail prices obtained by the end of the reference month to which they refer. About 80 percent of the data received has been processed, and the remaining information will be processed and included in the calculation of the index for the final publication of the data.

With the entry of the country into the Eurozone on January 1, 2023 and in accordance with Regulation no. 2016/79 of the EU, the Croatian State Institute of Statistics begins with the calculation and regular monthly transmission of data for the first estimate of the harmonized index of consumer prices of Eurostat, which publishes an estimate for the Eurozone.

Due to the needs of Croatian consumers, the estimate of the national consumer price index will be calculated and published monthly, on the same day as the Eurostat estimate of the harmonized index of consumer prices in the Eurozone.

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Tags: Croatia, inflation, euro, prices

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