Consumer price indices, July 2024

Annual price growth again lower

Price growth at the annual level decreased for the fourth consecutive month, to 1.3% in July. This is the second lowest annual inflation rate after March 2021, when it stood at 0.1%.

In one year, service prices increased on average by 4.4% and goods prices decreased by 0.3%. As regards goods, semi-durable and durable goods prices went down by 1.7% and 1.2%, respectively, while non-durable goods prices went up by 0.2%.

The annual growth rate was pushed up the most (by 0.4 of a percentage point) by 6.1% higher prices in restaurants and hotels. 0.3 p.p. each was contributed by higher prices of alcoholic beverages and tobacco (by 5.2%), miscellaneous goods and services (by 4.2%) and products and services in the group recreation and culture (by 3.0%).

On the other hand, the annual inflation rate was reduced by 0.4 p.p. by 2.8% lower prices in the group housing, water, electricity, gas and other fuels, and by 0.2 p.p. by 2.5% cheaper clothing and footwear.

Prices slightly down at the monthly level

In July, consumer prices were on average 0.1% lower than a month before.

The biggest impact on the monthly inflation, 0.8 of a percentage point, came from lower prices of clothing (by 11.9%) and footwear (by 7.3%). Cheaper food (by 0.5%) added 0.1 p.p. to the monthly deflation. All other price decreases in July contributed another 0.1 p.p.

On the other hand, monthly deflation was reduced by 0.5 p.p. by 10.8% higher prices of package holidays. More expensive operation of personal transport equipment (by 2.4%) contributed another 0.2 p.p. Additional 0.1 p.p. each was added by higher prices of transport and accommodation services (by 6.6% and 3.2%, respectively).

Harmonised indices of consumer prices

Measured with the harmonised index of consumer prices, this July the annual growth of consumer prices was 1.4% (in July 2023: 5.7%). The monthly price growth stood at −0.2%.

In one year, service prices went up on average by 5.3% and goods prices down by 0.8%. Non-durable goods prices remained on average the same, while semi-durable and durable goods prices went down by 2.4% and 2.0%, respectively.

Annual inflation rates in June 2024 for all EU-27 Member States are available here. Measured with the harmonised index of consumer prices, in June the annual inflation rate in the EMU countries was 2.5% (a month before 2.6%). In the EU-27 Member States it was 2.6% (a month before 2.7%). The lowest annual inflation rate was recorded in Finland (0.5%) and the highest in Belgium (5.4%); in Slovenia it stood at 1.6%.

The table with the latest data is available in the SiStat Database.