Inflation Rate in Croatia Slowing Down

Katarina Anđelković

croatian inflation

August 19, 2023 – The inflation rate in Croatia, measured by the consumer price index, slowed down to 7.3 percent on an annual basis in July, the Croatian Bureau of Statistics (CBS) announced. This represents the eighth consecutive month of inflation slowdown and the lowest inflation rate in Croatia since last March.

As Index writes, the Croatian Bureau of Statistics (CBS) published the second estimate of the consumer price index, according to which in July, the inflation rate was 7.3 percent compared to July 2022, while compared to the previous month, that is, June this year, it was higher by 0.2 percent.

According to the first estimate of the CBS, published on July 31, the inflation rate was 7.4 percent compared to July 2022, while compared to June this year, it was 0.3 percent.

Inflation Rate in Croatia Declines 8th Month in a Row

The annual inflation rate decreased for the eighth month in a row after reaching a record 13.5 percent in November last year. In December, growth slowed to 13.1 percent; in January, inflation was 12.7 percent; in February 12 percent; in March 10.7 percent; in April 8.9 percent; in May 7.9 and in June 7.6 percent.

Observed according to the main components of the index, the estimated annual inflation rate in Croatia for the group that includes food, beverages, and tobacco was 11.6 percent, for industrial non-food products without energy 8.1 percent, for services 7.7 percent, while for energy a decrease of 1.8 percent was recorded, as stated in the CBS announcement.

On a monthly basis, compared to June 2023, prices in the categories of services and energy increased by 1.7 percent each, and in the categories of food, beverages, and tobacco by 0.43 percent. At the same time, according to another estimate, prices of industrial non-food products excluding energy, decreased by 2.4 percent.

The prices of goods and services for personal consumption, measured by the harmonized consumer price index, in July 2023 compared to July 2022 were on average higher by 8 percent, while compared to June 2023, they increased by 1.1 percent on average.


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