The Croatian CPI continued its growth in 2021, achieving an increase of 5.5% YoY in December.
According to the Croatian Bureau of Statistics, which releases CPI (Consumer price indices) every month, in December 2021, the prices of goods and services for personal consumption, grew by 5.5% YoY on average. This sets a new all-time high in CPI numbers, the highest since January 2013. This is slightly higher than the Eurozone inflation rate, which reached 5% in December.
CPI for the 12 months of 2021 (or 2021 as a whole) compared to the same period last year showed an increase in consumer prices of 2.6%. This growth was driven by several factors: Food and non-alcoholic beverages (which account for 27.2% of the whole CPI) increased by 7.9% YoY. Next up, we have transport prices, which as the 3rd largest component of the CPI (13.3% of the total weight), increased by 11.4% YoY.
CPI (January 2013 – December 2021)
Looking over at the main groups by the purpose of consumption, in December 2021, the highest relative increase was noted by the transport segment, which as we mentioned, increased by 11.4% YoY (a decrease of 1.5 p.p. MoM). Within this segment, Fuel and lubricants for personal transport equipment increased by 22.5% YoY. At the same time, Food and non-alcoholic beverages increased by 7.9% YoY, an increase of 2.2 p.p. MoM. Alcoholic beverages and tobacco experienced an increase of 5.9% YoY, mainly driven by higher tobacco prices (7.1% YoY).
Housing, water, electricity, gas and other fuels, which even though they constitute 17.73% of the total CPI, only had an increase of 3.2% YoY, which is slightly lower (0.3 p.p.) than November 2021. The main drivers of the increase within the segment are: liquid fuels, which increased by 46.8% YoY (a decrease of 27.2 p.p. from November), and gas prices, which increased by 11.4% YoY (staying at the same level as the previous month). Concurrently, Clothing and footwear increased by 3.7% YoY. Furnishings, household equipment and routine household maintenance increased by 4% YoY.
CPI Sector Increase/Decrease Breakdown – December 2021 (%)
