In 2017 annual inflation at 1.7%, average annual inflation at 1.4%
In December 2017 annual inflation stood at 1.7% (in the same period last year at 0.5%), while the 12-month average price growth was 1.4% (in the same period last year −0.1%).
In one year, goods prices went up on average by 1.9% and service prices by 1.3%. Non-durable goods prices went up by 3.0% and semi-durable goods prices by 1.2%, while durable goods prices went down by 1.5%.
The largest upward impact on annual inflation (0.5 of a percentage point each) came from higher prices of food (by 3.1%) and petroleum products. Liquid fuel prices increased by 13.4%, diesel prices by 10.6% and petrol prices by 6.1%. In the group food, prices of fresh fruit increased the most (by 12.4%), followed by prices of meat (by 6.5%). 0.2 p.p. was added to annual inflation by higher tobacco prices (by 4.8%).
Some other large price increases in the group food and non-alcoholic beverages in 2017: butter (by 20.9%), olive oil (by 8.5%) and other milk products (by 5.8%).
On the other hand, annual inflation was lowered the most (by 0.2 p.p.) by 2.7% lower prices of motor cars.
At the monthly level prices were on average the same
In December 2017 consumer prices were on average the same as in the previous month.
The monthly growth rate was pushed up by 0.1 p.p. each by higher prices of meat (by 1.6%) and motor fuels; diesel prices increased by 1.6% and petrol prices by 1.4%. Additional 0.1 p.p. was added to monthly inflation by all other price increases in December.
December’s discounts of clothing and footwear (prices decreased by 3.0%) lowered monthly inflation by 0.2 p.p. Purchase of vehicles was cheaper (by 0.9%), which contributed additional 0.1 p.p.
Harmonised indices of consumer prices
Measured with the harmonised index of consumer prices, in December 2017 the annual growth of consumer prices was 1.9% (in December 2016 it was 0.6%). The 12-month average price growth was 1.6% (in the same period last year −0.2%). The monthly price growth was 0.1%.
In 2017, goods prices increased by 2.0% and service prices by 1.7%. Non-durable goods prices and semi-durable goods prices went up by 3.3% and 0.4%, respectively, while durable goods prices went down by 2.0%.
Measured with the harmonised index of consumer prices, in November 2017 the annual inflation rate in the EMU countries was 1.5% (up from 1.4% in October 2017). In the EU-28 it was 1.8% (up from 1.7% in October 2017). The lowest annual inflation rate was recorded in Cyprus (0.2%) and the highest in Estonia (4.5%); in Slovenia it stood at 1.4%.