10/30/2020 | Press release | Distributed by Public on 10/30/2020 04:46
Annual inflation in October at −0.1%
In October 2020, the annual growth of consumer prices was −0.1% (in October 2019 it was 1.4%). The 12-month average price growth was 0.4% (in the same period last year 1.6%).
Compared to October 2019, service prices went up by 1.2%, while goods prices went down by 0.8%. The prices of semi-durable goods decreased on average by 1.2%, of durable goods by 0.9% and of non-durable goods by 0.7%.
The largest downward impact on the annual inflation (by 1.2 of a percentage point) came from lower prices of petroleum products: the prices of petrol decreased by 22.5%, of diesel by 20.7% and of liquid fuels by 20.9%. Additional 0.2 p.p. came from 12.0% lower prices of second-hand motor cars.
On the other hand, higher food prices (by 3.6%) pushed up the annual growth rate up by 0.5 p.p. Higher prices of tobacco (by 5.3%) and of water supply and miscellaneous services relating to the dwelling (by 6.5%) contributed additional 0.2 p.p., each.
In October higher prices of clothing, footwear and tobacco
In October 2020, consumer prices were on average 0.3% higher than a month before.
The arrival of autumn-winter collections in stores was still the main reason for the price rise in the group clothing and footwear: clothing prices went up by 8.9% and footwear prices by 5.3%, which contributed 0.5 p.p. to the monthly inflation rate. Tobacco prices increased by 5.3% and contributed 0.2 p.p. to the monthly inflation.
On the other hand, the monthly growth rate was pushed down by 0.3 p.p. by 7.6% lower prices of package holidays. In addition, 0.1 p.p. was contributed by 6.0% lower prices of fresh fruit.
Harmonised indices of consumer prices
Measured with the harmonised index of consumer prices, in October 2020 the annual growth of consumer prices was −0.5% (in October 2019 1.5%). The 12-month average price growth was 0.2% (in the same period last year 1.7%). The monthly price growth was 0.3%.
Compared to October 2019, goods prices went down by 1.7%. The prices of non-durable goods decreased on average by 2.0%, of semi-durable goods by 1.2%, and of durable goods by 0.8%. In one year, service prices went up on average by 1.4%.
Measured with the harmonised index of consumer prices, in September 2020 the annual inflation rate in the EMU countries was −0.3% (in August 2020 −0.2%). In the EU-27 it was 0.3% (in August 2020 0.4%). The lowest annual inflation rate was recorded in Greece (−2.3%) and the highest in Poland (3.8%); in Slovenia it stood at −0.7%.