The latest data from the Statistical Office of the SR reveals a decrease in the annual harmonized inflation rate for consumer prices in April 2023. According to the European harmonized methodology, consumer prices rose by 14.0% annually, compared to 14.8% in March 2022. The month-on-month Harmonized Index of Consumer Prices (HICP) inflation reached 0.6% in April.
The average annual rate of HICP inflation in April 2023, which compares the average price level for the last 12 months with the average of the previous 12 months, stood at 14.0%. This value aligns with the annual HICP inflation rate, which compares the price level in a given month against the price level in the same month of the previous year. Notably, the annual HICP inflation rate in April 2023 remained at the same level as the average annual rate. However, compared to April 2022, the annual HICP inflation rate was 5.4% higher than the average annual inflation rate. The average annual HICP inflation rate is an important indicator of a country’s price stability and is considered one of the Maastricht criteria that EU Member States must meet before adopting the euro.
In April 2023, the harmonized consumer price indices experienced a 0.6% month-on-month growth overall. The increase in the price level was primarily driven by the Transport division, making a positive contribution of +0.12 percentage points. The second most significant influence on price growth was observed in the Furnishings, household equipment, and routine household maintenance division, contributing +0.11 percentage points. Additionally, both the Food and non-alcoholic beverages division and the Restaurants and hotels division had a contribution of +0.06 percentage points each to the month-on-month inflation rate.
The harmonized indices of consumer prices serve as vital indicators for monitoring and analyzing price levels and inflation trends. The Statistical Office of the SR will continue to provide regular updates and insights into the macroeconomic statistics, including consumer prices and prices of production.
For more detailed information, the complete report can be accessed on the Statistical Office of the SR’s website.