Annual price level up by 2%
In February 2020 consumer prices were on average 2% higher than in February 2019, while the 12-month average price growth was 1.8% (in the same period last year 1.7%).
In one year, service prices went up on average by 2.7% and goods prices by 1.6%. Non-durable and semi-durable goods prices went up by 2.6% and 1.1% respectively. Durable goods prices decreased by 1.6%.
The biggest impact on annual inflation (0.6 of a percentage point) came from higher prices of food, which increased on average by 4.3%. The biggest inflation within the group of food had meat (11.2%) and fruit (11.7%). 0.5 p.p. and 0.4 p.p. influence on annual inflation had the groups housing, water, electricity, gas and other fuels, and miscellaneous goods and services. The former mostly due to 9.6% price increase in water supply and miscellaneous services relating to the dwelling. The impact of the latter is highlighted through the 7.5% price increase in insurances.
There were no significant price decreases at the annual level.
Higher prices of holiday packages
Monthly inflation stood at 0.7% (in the same period last year 0.8%).
The biggest impact on monthly inflation (0.4 of a percentage point) came from higher prices of holiday packages, which increased on average by 10.5%. Clothing prices were 4.5% higher (0.2 p.p. influence on monthly index). 0.1 p.p. of influence had 0.8% higher prices of food. All other goods and services had a combined effect of 0.2 p.p. on monthly inflation.
On the other hand, petroleum products lowered inflation by 0.2 p.p. Prices of fuels and lubricants for personal transport equipment decreased by 3.7% and prices of liquid fuels by 6.9%.
Harmonised indices of consumer prices
Measured with the harmonised index of consumer prices, in February 2020 the annual growth of consumer prices was 2% (in February 2019 it was 1.3%). The 12-month average price growth was 1.8% (in the same period last year 1.9%). The monthly price growth was 0.4%.
In one year, service prices increased by 2.7% and goods prices by 1.6%. Non-durable goods prices went up by 2.5% and semi-durable goods prices by 0.7%, while durable goods prices went down by 1.6%.
Measured with the harmonised index of consumer prices, in January 2020 the annual inflation rate in the EMU countries was 1.4% (up from 1.3% in December 2019). In the EU-27 it was 1.7% (up from 1.6% in December 2019). The lowest annual inflation rate was recorded in Italy (0.4%) and the highest in Hungary (4.7%); in Slovenia it stood at 2.3%.