Inflation remains virtually unchanged

Consumer price index of November 2018

• Inflation has slightly increased from 2.75 % to 2.78 % in November.
• The consumer price index this month increases by 0.17 point or 0.16 %.
• Inflation based on the health index has increased to 2.48 %, up from 2.29 %.
• The smoothed health index stood at 105.79 points in November.
• The main upward pressure in November came from electricity, domestic heating oil, alcoholic beverages, travels abroad and restaurants and cafés. However, motor fuels and fruit have had a decreasing effect on the index.

The consumer price index was running at 108.48 points in November 2018. It has increased by 0.17 point over the month. Inflation has slightly gone up from 2.75 % to 2.78 %. The health index has gained 0.22 point to 108.48 points, which is the same level as the consumer price index. Inflation based on the health index has gone up from 2.29 % to 2.48 %. The main upward pressure in November came from electricity, domestic heating oil, alcoholic beverages, travels abroad and restaurants and cafés. These increases have been mostly offset by decreasing prices for motor fuels and fruit.

The consumer price index rose by 0.17 point or 0.16 % in November 2018 and now stands at 108.48 points, compared to 108.31 points in October 2018 (2013=100).

The health index has increased by 0.22 point to 108.48 points in November, compared to 108.26 points in October. The smoothed health index amounted to 105.79 points in November. The central index for public service and social benefits, set at 107.20 points, has therefore not been reached. The last time the central index was exceeded was in August 2018.

Products with the largest increasing effect in November were electricity, domestic heating oil, alcoholic beverages, travels abroad and restaurants and cafés. However, motor fuels and fruit provided the largest downward pressure compared to last month. The most important trends this month are:

Prices of electricity have increased on average by 3.0 %. Domestic heating oil, calculated based on a smoothed 12-month moving average, cost on average 2.1 % more this month.  Prices of alcoholic beverages have gone up on average by 1.9 %. Travels abroad were on average 1.5 % more expensive than last month. Prices in restaurants and cafés have increased by 0.4 %.

Prices for motor fuels decreased on average by 1.9 %. Fruit has become on average 3.6 % less expensive.

Inflation is now running at 2.78 %, compared to 2.75 % in October and 2.35 % in September. Inflation based on the health index amounted to 2.48 % this month compared to 2.29 % in October and 1.91 % in September. Inflation without energy increased to 1.66 % in November, from 1.52 % in October and 1.49 % in September. Core inflation, which does not take into account price evolutions of energy products and unprocessed food, stands at 1.63 % in November, against 1.40 % in October and 1.34 % in September.

Food inflation is now running at 1.94 %, compared to 2.63 % last month and 2.44 % in September. Fresh fruit now costs 3.2 % more than in November 2017. Fresh vegetables prices are also on the rise: 3.4 % on an annual basis. Fish and shellfish are 3.6 % more expensive than a year ago. Prices have increased by 2.6 % for non-alcoholic beverages and by 2.8 % for alcoholic beverages. Tobacco prices have gone up by 6.2 % compared to November last year. Energy inflation is now running at 12.58 %, compared to 13.75% in October and 9.87% in September. Electricity is now 10.6 % more expensive than a year ago. Natural gas is 18.1 % more expensive than in November last year. Prices for domestic heating oil, calculated based on a smoothed 12-month moving average, have increased by 17.8 % in one year. Motor fuels are 10.4 % more expensive than last year. Inflation for services has gone up to 2.11 % from 1.53 %. Inflation for rents has slightly decreased and now stands at 0.96 %, compared to 1.02 % in October.

The following products and services have registered the sharpest price increases compared to last year in November:

The following products and services have registered the sharpest price decreases compared to last year in November:

The main group with the largest upward effect on inflation in November was "housing, water and energy" with an effect on inflation of 0.69 percentage point. The largest downward effect was measured for "food and non-alcoholic beverages" (-0.18 percentage point).

The main group with the largest contribution to inflation is "housing, water and energy" with 1.08 percentage point. The lowest contribution to inflation was registered by the main groups "education" and "clothing and footwear", with 0.01 percentage point.