Observed by main groups according to the destination of consumption, in September 2023 in relation to the previous month, increase of prices was noted in the groups Transport (1.8%), Restaurants and hotels (0.9%), Health and Furnishing, household equipment and routine household maintenance (by 0.5% each), Housing, water, electricity, gas and other fuels (0.4%) and in the groups Food and non-alcoholic beverages and Alcoholic beverages and tobacco (by 0.2% each). Decrease of prices was noted in the groups Recreation and culture (-2.9%) and Communication (-0.1%).

Source: Statistics Serbia
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Consumer confidence index realized as 71.5

Consumer confidence index, calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Türkiye, which was 68.0 in August increased by 5.1% in September to 71.5.

Consumer confidence index, sub-indices and rate of changes, September 2023

The next release on this subject will be on October 23, 2023.
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EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation.

No seasonal effect has been determined in the sub-indices used in the calculation of the consumer confidence index since January 2023. Detailed information on this subject is submitted in the metadata section.

Source: TurkStat
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Slower than the 11.6 percent increase in April, the Consumer Price Index, or CPI, increased by 10.1 percent in May.

Since prices increased by 10.0 percent in February 2022, the most recent inflation rate was the lowest.

In May, the annual increase in food and non-alcoholic beverage prices was 14.4%. Health expenditures increased by 12.0% while the cost of other goods and services increased by 15.8%.

In the meantime, the price of utilities, such as housing, water, electricity, gas, and other fuels, increased by 11.8 percent. The price of transportation dropped by 9.5%.

Consumer prices decreased by 0.1 percent on a monthly basis in May after increasing by 0.3 percent the previous month.

Source: RTT News
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The lowest annual rates were registered in Luxembourg (2.7%), Belgium (3.3%) and Spain (3.8%). The highest annual rates were recorded in Hungary (24.5%), Latvia (15.0%) and Czechia (14.3%). Compared with March, annual inflation fell in twenty-two Member States and rose in five.

In April, the highest contribution to the annual euro area inflation rate came from food, alcohol & tobacco (+2.75 percentage points, pp), followed by services (+2.21 pp), non-energy industrial goods (+1.62 pp) and energy (+0.38 pp)

Source: Eurostat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Consumer Tendency Survey for April was conducted in 81 provinces, including the regions affected by the earthquake.

Consumer confidence index realized as 87.5

Consumer confidence index calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Türkiye increased by 9.2% in April compared to the previous month. The index became 87.5 in April while it was 80.1 in March.

Consumer confidence index, sub-indices and rate of changes, April 2023

The next release on this subject will be on May 22, 2023.
___________________________________________________________________________________________________

EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation.

No seasonal effect has been determined in the sub-indices used in the calculation of the consumer confidence index since January 2023. Detailed information on this subject is submitted in the metadata section.

Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Month-on-month comparison

Consumer prices in March increased by 0.1%, month-on-month. In ‘food and non-alcoholic beverages’, especially prices of vegetables increased by 5.0%, pork by 2.2%, non-alcoholic beverages by 1.2% and UHT semi-skimmed milk by 6.0%. In ‘restaurants and hotels’, prices of catering services were higher by 0.9% and accommodation services by 2.5%. Price growth in ‘miscellaneous goods and services’ came mainly from higher prices of social care by 3.1%. In ‘clothing and footwear’, prices of garments were higher by 1.4%.

Month-on-month overall consumer price level decrease in March came from price drop in ‘housing, water, electricity, gas and other fuels’, where prices of natural gas were lower by 1.4%. In ‘recreation and culture’, prices of package holidays were lower by 4.5% due to the ending winter season. Price decline in ‘transport’ came mainly from lower prices of fuels and lubricants for personal transport equipment by 1.8%. In food, prices of eggs were lower by 9.9%, butter by 6.3% and cheese and curd by 1.1%, in particular.

Prices of goods in total went up by 0.1% and prices of services by 0.3%.

Year-on-year comparison

“Consumer prices moderated their year-on-year growth for second consecutive time. It amounted to 15% in March, which was the lowest value from the last April. However, most of this slowdown came from development of the last year higher comparative base. Prices in transport even fell year-on-year, mainly due to decreasing prices of fuels” noted Pavla Sediva, head of Consumer Price Statistics Unit of CZSO.

Consumer prices increased by 15.0% in March, i.e. 1.7 percentage points down on February. This slowdown¹⁾ of year-on-year price growth was mainly influenced by prices in ‘transport’ and in ‘housing, water, electricity, gas and other fuels’. In ‘transport’, prices of fuels and lubricants for personal transport equipment turned from growth by 0.4% in February into decrease by 19.0% in March. In ‘housing, water, electricity, gas and other fuels’, prices of natural gas moderated their growth to 60.0% (increase by 74.3% in February). Both partly due to their month-on-month increase in March 2022.

The biggest influence on the growth of the year-on-year price level in March came again from prices in ‘housing, water, electricity, gas and other fuels’, where besides owner occupied housing costs, also prices of actual rentals²⁾ increased by 6.7%, materials and services for maintenance and repair of the dwelling by 16.4%, water supply by 16.3%, sewage collection by 30.3%, electricity by 29.6%, solid fuels by 53.7% and heat and hot water by 44.6%. Next in order of influence were prices in ‘food and non-alcoholic beverages’, where mainly prices of rice were higher by 32.9%, flour by 32.6%, pork by 34.0%, UHT semi-skimmed milk by 45.2%, eggs by 75.5%, margarine and other vegetable fats by 36.3%, vegetables by 29.9% and sugar by 97.6%. In ‘restaurants and hotels’, prices of catering services increased by 21.5% and accommodation services by 19.1%. In ‘recreation and culture’, prices of package holidays increased by 24.6%. Year-on-year price level decrease came from prices in ‘transport’ in March (drop by 0.6%).

Owner occupied housing costs (imputed rentals) were higher by 6.8% (increase by 7.7% in February) mainly due to the growth of prices of construction materials. The overall consumer price index excluding owner occupied housing costs was 116.1%, year-on-year.

Prices of goods in total and services went up (17.0% and 11.7%, respectively).

Inflation rate, i.e. the increase in the average consumer price index in the twelve months to March 2023 compared with the average CPI in the previous twelve months, amounted to 16.4% (16.2% in February).

Level of consumer price base index with base period the average of 2015 = 100, increased to 147.5% in March (147.3% in February).

Harmonized index of consumer prices (HICP)

According to preliminary calculations, the HICP in Czechia in March went up by 0.3% month-on-month and 16.5% (18.4% in February), year-on-year. According to flash estimates of Eurostat, the MUICP (Monetary Union Index of Consumer Prices) in March 2023 amounted to 6.9% year-on-year (8.5% in February), 14.8% in Slovakia and 7.8% in Germany. It was the highest in Latvia in March (17.3%). According to preliminary data of Eurostat, the year-on-year change in the average harmonized index of consumer prices (HICP) in the EU27 member states amounted to 9.9% in February (0.1 percentage points down on January). In February, the rise in prices was the highest in Hungary (25.8%) and the lowest in Luxembourg (4.8%).

Source: Czech Statistical Office
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In March 2023, compared to the previous month, the highest price increase was registered for Miscellaneous goods and services (+2.9%), Restaurants and hotels (+1.2%), Alcoholic beverages and tobacco (+1.1%), Furnishings, household equipment and routine maintenance of the house (+1.0%) and Food and non-alcoholic beverages (+0.9%). The decrease was recorded in the prices for Clothing and footwear (-0.8%), Transport (-0.7%), Housing, water, electricity, gas and other fuels (-0.5%) and Recreation and culture (-0.5%).

In March 2023, the monthly inflation rate, measured by the Harmonised Index of Consumer Prices (HICP), was 0.6% compared to the previous month, and the annual inflation rate in March 2023 compared to March 2022 was 12.1%.

Source: National Statistical Institute of Bulgaria
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Harmonised index of consumer prices, March 2023
+7.8% on the same month a year earlier (provisional result confirmed)
+1.1% on the previous month (provisional result confirmed)

The inflation rate in Germany, measured as the year-on-year change in the consumer price index (CPI), stood at +7.4% in March 2023. In both January and February 2023, the inflation rate had been +8.7%. “The rate of inflation has slowed but remains at a high level”, says Ruth Brand, President of the Federal Statistical Office. She adds: “Households felt especially the impact of yet another rise in food prices in March.” The Federal Statistical Office (Destatis) also reports that consumer prices in March 2023 were up 0.8% on February 2023.

Prices of energy products up 3.5% year on year

Energy product prices were 3.5% higher in March 2023 than a year earlier. The increase in energy product prices thus slowed considerably, remaining below the inflation rate. It stood at +19.1% in February and +23.1% in January. Due to the previous year’s strong rise in energy prices, the figure for March 2023 was however subject to a base effect. Motor fuels cost considerably less (-16.1%) than a year earlier. Energy prices are subject also to the electricity, natural gas and district heating price brakes taking effect retrospectively from January 2023. The overall development of energy prices is however influenced by many factors, especially international purchase prices.

A particularly large increase was again recorded for household energy prices from March 2022 to March 2023 (+21.9%). There were price rises of 39.5% for natural gas, 17.1% for electricity and 16.4% for district heating. Above-average price increases of other household energy products also continued, with prices of firewood, wood pellets and other solid fuels up 39.4%, for example. Heating oil prices, in contrast, decreased substantially by 35.7%.

22.3% increase in food prices year on year

Food prices were up 22.3% in March 2023 compared with the same month a year earlier. The rise in food prices thus accelerated even more (February 2023: +21.8%; January 2023: +20.2%) and meanwhile stands at three times the overall inflation rate. As in the preceding months, higher prices were recorded for all food groups in March 2023. There were substantial price rises especially for dairy products and eggs (+34.6%). There were considerable year-on-year price increases also for vegetables (+27.3%), bread and cereals (+23.8%) as well as fish products and seafood (+22.2%). Very high price rises were observed for some foodstuffs. Consumers had to pay 70.9% more for sugar than in the same month of the previous year, for instance.

Inflation rate excluding energy and food at +5.8%

The rate of inflation excluding energy stood at +7.8% in March 2023 and thus was higher than the overall rate of inflation, which means that energy prices currently even have a slight downward effect on inflation. To what extent food prices currently affect overall inflation is revealed when energy and food are excluded. The resulting rate was markedly lower (+5.8%). Furthermore, the inflation rate excluding energy and food shows that inflation is high also for other product groups. The rate had been above the five-percent threshold in December 2022 already and increased slightly again after standing at +5.6% in January 2023 and +5.7% in February 2023.

Prices of goods up 9.8% on March 2022

The prices of goods (total) were up 9.8% in March 2023 compared with the same month a year earlier. The price increase was particularly large for non-durable consumer goods (+11.9%), which was mostly due to the rise in food prices. Considerably higher prices had to be paid also for non-durable consumer goods for personal care (+14.6%), beer (+13.6%) and non-alcoholic beverages (+13.2%). Prices of durable consumer goods were up 6.2% on the same month of the previous year. Substantial price increases were observed especially for furniture and lighting equipment (+10.3%) as well as new cars (+7.5%).

Service prices up 4.8% year on year

The prices of services (total) were up 4.8% in March 2023 on the same month of the previous year. Net rents exclusive of heating expenses rose 2.1%. Above-average price increases were observed for some services such as maintenance and repair of dwellings (+16.6%), catering services in restaurants, cafes and the like (+10.8%) and services of social facilities (+9.8%). Prices were down year on year only for a very small number of services, for instance, telecommunications services (-0.9%).

Prices up 0.8% month on month, with food prices increasing 1.3%

Compared with February 2023, the consumer price index rose by 0.8% in March 2023. Considerable seasonal price increases were observed especially for package holidays (+9.2%), air tickets (+8.5%) and clothing (+5.1%). Households also had to pay more for food in general than in the preceding month (+1.3%), especially for vegetables (+6.5%). Again there was a striking drop in the prices of edible fats and oils (-3.1%), especially of butter (-7.0%), from a month earlier. Energy prices (total) remained unchanged. Some energy products saw price increases nevertheless; the prices of district heating (+1.2%) and natural gas (+0.7%) went up in spite of the price brakes. Along with these price increases, some decreases were observed, among others, for heating oil (-2.3%) and electricity (-0.6%). Motor fuel prices (total) remained nearly unchanged (-0.1%, including supergrade petrol: +0.3%, diesel fuel: -1.6%).

Source: DESTATIS
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Slower than the 7.6 percent increase in February, the consumer price index increased by 6.7 percent in March.

Additionally, since April 2022, when prices grew by the same 6.7%, this was the lowest inflation rate.

Despite this pause, the agency stated that there has been a significant increase in prices throughout the group of items.

Following a 14.8 percent increase in February, the cost of food and non-alcoholic beverages alone increased at a greater rate of 15.8 percent yearly in March.

In the meantime, decreased gasoline costs helped to slow the development of transportation expenses, which went from 6.5 percent to 3.5 percent. The cost of heating and electricity increased at a slower rate of 5.4 percent.

Core inflation, which excludes energy and fresh food, decreased from 6.7 percent in February to 6.4 percent in March.

Consumer prices decreased 0.2 percent on a monthly basis in March compared to a 0.9 percent increase in February.

Source: Statistics Denmark
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.