In May 2023 the Consumer Price Index decreased by 0.1% compared to the previous month, while the annual inflation rate amounted to 1.5%. With regard to the annual core inflation1, the prices increased by 4.0%, while the annual core inflation without tobacco amounted to 3.9%, writes GeoStat.

The monthly inflation rate was mainly influenced by price changes for the following groups:

Food and non-alcoholic beverages: the prices for the group decreased by 1.7%, contributing -0.62% to the overall monthly inflation rate. The prices decreased for the following subgroups: milk, cheese and eggs (-5.2%), vegetables (-5.0%), bread and cereals (-2.3%), sugar, jam, honey, chocolate and confectionery (-1.4%), oils and fats (-1.0%). At the same time, prices increased for the following subgroups: fruit and grapes (4.0%), coffee, tea and cocoa (1.5%), fish (1.1%), meat (1.0%);

Alcoholic beverages and tobacco: the prices increased by 1.6%, contributing 0.12% to the overall index. Within the group, the prices were higher for both alcoholic beverages (2.3%) and tobacco (0.9%);

Miscellaneous goods and services: the prices for the group increased by 6.2%, contributing 0.34% to the overall monthly inflation rate. Within the group, the prices were mainly higher for financial services (21.6%).

The following table shows percentage changes in prices for the commodity groups of the consumer basket, as well as the relevant contributions to the overall annual inflation rate in May 2023.

The annual inflation rate was mainly influenced by price changes for the following groups:

Food and non-alcoholic beverages: the prices in the group increased by 3.3%, contributing 1.19% to the overall annual inflation rate. Within the group the prices increased for the following subgroups: meat (9.7%), milk, cheese and eggs (9.3%), mineral waters, soft drinks, fruit and vegetable juices (7.1%), vegetables (6.3%), fish (6.0%), coffee, tea and cocoa (4.6%), sugar, jam, honey, chocolate and confectionery (2.2%), bread and cereals (1.8%).

At the same time, prices decreased for the subgroup of oils and fats (-17.0%) and fruit and grapes (-12.0%); Miscellaneous goods and services: the prices for the group increased by 18.4%, contributing 0.92% to the overall index. Within the group, the prices were higher for the following subgroups: financial services (27.9%), personal care (12.5%), other services n.e.c. (92.0%);

Alcoholic beverages and tobacco: the prices increased by 7.1%, contributing 0.48% to the overall index. Within the group, the prices were higher for both alcoholic beverages (9.1%) and tobacco (5.0%); Transport: the prices for the group decreased by 12.9%, contributing -1.64% to the overall annual index. Within the group the prices decreased for the following subgroups: operation of personal transport equipment (-20.3%), purchase of vehicles (-2.0%). At the same time, prices increased for transport services (6.4%);

Health: the prices for the group decreased by 7.5 percent, with the relevant contribution of -0.73 percentage points to the annual inflation rate. Within the group, the prices were lower for medical products, appliances and equipment (-18.1 percent). At the same time, prices increased for out-patient services (12.0 percent) and hospital services (6.7 percent).