At the annual level prices were on average higher by 2.1%
In January 2020 annual inflation was slightly higher at 2.1% (in the same period last year it was 1.1%), while the 12-month average price growth was 1.7% (the same as in January 2019).
In one year, service and goods prices increased on average by 2.6% and 1.8%, respectively. As regards goods, non-durable goods prices increased by 3.1% and semi-durable goods prices by 0.6%, while durable goods prices decreased by 1.7%.
In January 2020 the largest upward impact on the annual inflation (0.6 of a percentage point) came from 3.7% higher prices of food: meat prices were higher by 9.2% and fresh fruit prices by 14.7%. Additional 0.4 p.p. each was added by higher prices of petroleum products (prices of fuels and lubricants increased by 7.7% and of liquid fuels by 10.4%), housing goods and services (prices of water supply and miscellaneous services relating to the dwelling increased by 8.8%), and higher prices in the group miscellaneous goods and services, where insurance prices increased by 7.0%.
Winter sales decreased the monthly inflation
As in the previous years, in January this year winter sales influenced the fall of prices in the group clothing and footwear, which pushed the inflation rate down by 1.0 p.p. Clothes were on average 14.4% and footwear 7.9% cheaper. Additional 0.3 p.p. was added by lower prices of package holidays (by 7.6%) and 0.1 p.p. by lower prices of passenger transport by air (by 27.9%).
On the other hand, the monthly growth rate was pushed up the most, by 0.3 p.p., by higher prices of food and non-alcoholic beverages (by 1.7%). Additional 0.1 p.p. each was added by higher prices of water supply and miscellaneous services relating to the dwelling (by 2.2%) and by 2.7% higher diesel prices.
Harmonised indices of consumer prices
Measured with the harmonised index of consumer prices, in January 2020 the annual growth of consumer prices was 2.3% (in January 2019 it was 1.2%). The 12-month average price growth was 1.8% (in the same period last year 1.9%). The monthly price growth was −0.5%.
In 2020, service prices increased by 2.8% and goods prices by 2.0%. Non-durable goods prices and semi-durable goods prices went up by 3.3% and 0.2%, respectively, while durable goods prices went down by 1.7%.
Measured with the harmonised index of consumer prices, in December 2019 the annual inflation rate in the EMU countries was 1.3% (up from 1.0% in November 2019). In the EU-28 Member States it was 1.6% (up from 1.3% in November 2019). The lowest annual inflation rate was recorded in Portugal (0.4%) and the highest in Hungary (4.1%); in Slovenia it stood at 2.0%.