The Croatian CPI continued its growth in 2022, achieving an increase of 5.7% YoY in January.
According to the Croatian Bureau of Statistics, which releases CPI (Consumer price indices) every month, in January 2022, the prices of goods and services for personal consumption, grew by 5.7% 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 5.1% in January.
CPI for the trailing 12 months of compared to the same period last year showed an increase in consumer prices of 3.1%. This growth was driven by several factors: Food and non-alcoholic beverages (which account for 26% of the whole CPI) increased by 9.4% YoY. Following them, we have transport prices, which as the 3rd largest component of the CPI (14.7% of the total weight), increased by 10.8% YoY.
CPI (January 2013 – January 2022)
Looking over at the main groups by the purpose of consumption, in January 2022, the highest relative increase was noted by the transport segment, which as we mentioned, increased by 10.8% YoY (a decrease of 0.6 p.p. MoM). At the same time, Food and non-alcoholic beverages increased by 9.4% YoY, an increase of 1.5 p.p. MoM. Alcoholic beverages and tobacco experienced an increase of 6.2% YoY. Housing, water, electricity, gas, and other fuels, which even though it constitutes 16.9% of the total CPI, only had an increase of 2.7% YoY, which is slightly lower (0.5 p.p.) than December 2021. Furnishings, household equipment and routine household maintenance increased by 5% YoY.
On the flip side, Clothing and footwear increased by only 0.8%, Health costs increased by 0.2%, Communication grew by 0.7%, and Education increased by 0.4%.
CPI Sector Increase/Decrease Breakdown – January 2022 (%)
If we were to look at the CPI by selected groups, there was also a significant increase of 4.7% noted in Restaurants and hotels. Meanwhile, the Total, without energy increased by 4.8%. If we were to exclude food as well as energy, the CPI increase amounted to 2.7%. Looking at CPI without energy, food, beverages and tobacco, the CPI increased by 2.3%.