The increase in prices continues as CPI increases in October to 3.8% YoY. The growth was mostly driven by the food and non-alcoholic beverages prices, which as the largest component of the CPI at 27.2%, grew 3.6% YoY. The growth was also driven by the transport prices, which as the second-largest component of the CPI at 13.3% increased by 12.2% YoY.
In October 2021, the prices of goods and services for personal consumption, measured by the consumer price index (CPI) increased by 3.8% YoY on average. Meanwhile, on the annual average, it increased by 1.3%.
CPI for the ten months of this year compared to the same period last year shows an increase in consumer prices of 2%. The growth was mostly driven by food and non-alcoholic beverages prices, which as the largest component of the CPI at 27.2%, grew by 3.6% YoY. The growth was also driven by transport prices, which as the second-largest component of the CPI at 13.3%, rose 12.2% YoY.
CPI (January 2013 – October 2021)*
Source: Croatian Bureau of Statistics, InterCapital Research
*Annual change
When viewed by the main groups by the purpose of consumption, in October 2021, the highest relative increase was experienced in the transport segment, which noted a 12.2% increase YoY. Within the segment, Operation of personal transport equipment increased by 16.5%, while fuels and lubricants for personal transport equipment increased by as much as 24.9% YoY. At the same time, Food and non-alcoholic beverages segment increased by 3.6%. Alcoholic beverages and tobacco noted an increase of 5.8%, which mostly came on the back of the higher tobacco prices (7.1% YoY).
Housing, water, electricity, gas, and other fuels noted an increase of 3%. Within the segment, liquid fuels noted a steep increase of 71.7% YoY, while gas increased by 11.8%.
The only segment which experienced a YoY decrease is clothing and footwear (-0.4% YoY), which holds a 5.68% share of the clothing and footwear segment. At the same time, on a MoM basis, the highest increase was recorded in this segment, by 10.4% on average. This can be attributed to the new collection of clothing and footwear.
Looking at the MoM basis, prices of Transport increased by 1.3% on average, while the prices of Furnishings, household equipment, and routine household maintenance increased by 0.7% on average. The increase in the consumer price indices in October 2021, as compared to September 2021, was alleviated by a decrease of 0.4% on average in the prices of Recreation and culture and of 0.1% on average in the prices of Miscellaneous goods and services.
CPI Sector Breakdown – October 2021 (%)
Source: Croatian Bureau of Statistics, InterCapital Research
