Annual harmonized inflation moderated growth dynamics in June, reaching a value 11.3%

Following the European harmonized methodology, consumer prices in June 2023 rose by 11.3% annually, in May 2023 this value was 12.3%. The month-on-month HICP inflation reached value of 0.2% in June.

The average annual rate of HICP inflation (comparing change in the average price level for the average of the harmonized consumer price indices for the last 12 months compared to the average of the previous 12 months) reached in June 2023 the value 13.9%, in June 2022 it was 7.1%. The average annual HICP inflation rate is an important indicator of a country’s price stability, its level is also considered as one of the four so-called Maastricht criteria that an EU Member State must meet before adopting the euro.

In June 2023, the harmonized indices of consumer prices increased by 0.2% month-on-month in total. The month-on-month increase in the price level was most affected by price increases in the divisions: Recreation and culture (total positive contribution to month-on-month inflation 0.06 percentage points), Restaurants and hotels (total positive contribution of 0.05 p.p.), Transport and Miscellaneous goods and services (total same positive contribution 0.04 p.p.). On the contrary, prices overall slightly decreased in the divisions: Housing, water, electricity, gas and other fuels (negative contribution was -0.02 p.p.), Food and non-alcoholic beverages and Communications (the same negative contribution was -0.01 p.p.).