Croatia Inflation July 2016


Croatia: Annual drop in consumer prices softens in July

August 17, 2016

In July, consumer prices declined 0.7% over the previous month, which was a sharper drop than June’s 0.1% decrease and marked a six-month low. According to the Croatian Bureau of Statistics (CBS), the monthly fall was mainly driven by seasonal discounts on clothing and footwear and by lower prices of transport.

In annual terms, consumer prices fell 1.5% in July, which was slightly up from June’s 1.6% decrease and marked the highest reading in five months. The annual average variation in consumer prices decreased further from June’s minus 1.1% to minus 1.2%, which represented a multi-year low.

The core consumer price index, which does not include more volatile categories such as fresh food and energy, fell 1.1% month-on-month in July, which was down from June’s 0.4% drop and marked the lowest reading since January 2013. Core consumer prices fell 0.2% on an annual basis, matching June’s result.

FocusEconomics Consensus Forecast panelists expect prices to fall 0.7% in 2016, which is down 0.4 percentage points from last month’s forecast. For 2017, the panel sees inflation of 1.2%.

Author: Massimo Bassetti, Economist

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Croatia Inflation Chart

Croatia Inflation July 2016 3

Note: Year-on-year and month-on-month variation of consumer prices in %.
Source: Croatian Bureau of Statistics (CBS)

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