Croatia’s September annual inflation rate at 3.3%, highest since March 2013

NEWS 15.10.2021 17:30
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Croatia's consumer prices in September reached 3.3%, hitting a record high since March 2013, the state statistics bureau reported on Friday.

Compared to August 2021, the monthly inflation rate was one percent.

A stronger inflation rise was registered this April, when it was at a rate of 2.1%. The same inflation rate remained in May, and in June it decelerated to two percent, while in July it rose to 2.8% and further accelerated to 3.1% in August.

“In September 2021, as compared to August 2021, the prices of goods and services for personal consumption, measured by the consumer price index, increased by 1.0% on average. As compared to September 2020, that is, at the annual level, they increased by 3.3% on average, while on the annual average they increased by 1.3%,” the DZS reported.

“Viewed by main groups by purpose of consumption, in September 2021, as compared to August 2021, the highest increase was recorded in the prices of Clothing and footwear, by 17.1% on average (new collection of clothing and footwear), in the prices of Transport, by 0.9% on average, in the prices of Furnishings, household equipment and routine household maintenance, by 0.5% on average, in the prices of Housing, water, electricity, gas and others fuels, by 0.4% on average, in the prices of Education, by 0.3% on average, in the prices of Miscellaneous goods and services, by 0.2% on average, as well as in the prices of Alcoholic beverages and tobacco, by 0.1% on average.”

IMF urges central banks to closely monitor inflation

The International Monetary Fund’s steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalize, the Reuters news agency reported.

The International Monetary and Financial Committee (IMFC), made up of 24 finance ministers and central bank governors from IMF member countries, said in a final communique that governments should “carefully calibrate” domestic policies to an evolving pandemic.

HNB expects inflation to slow to 2.1% in 2022

Consumer price inflation in Croatia might pick up to 2.3% in 2021 before slowing to 2.1% in 2022, the Croatian Central Bank (HNB) said on Wednesday.

Consumer price inflation for the whole of 2021 might pick up to 2.3%, from 0.1% in 2020, due to the increased annual rate of change of energy prices, notably prices of petroleum products. In 2022, inflation is expected to slow to 2.1% because of the lower projected rise in energy prices, the HNB said, adding that risks associated with the inflation projection are markedly negative and that inflation might be higher than forecast.

The central bank recalled that the annual rise in consumer prices had picked up from 2.8% in June to 3.1% in August, mostly as a result of the pick-up in the annual rise in food prices. Although core inflation slightly increased in August, it remained relatively low at 1.8%.

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