The highest annual inflation rates in June 2022 were registered in Housing index (14.85%) and the Food index (9.99%), data published by the National Statistics Office shows.
On the other hand, the lowest annual inflation rates were registered in Water, electricity, gas and fuels (0.0%) and Clothing and footwear (0.11%).
In June, the annual rate of inflation as measured by the Retail Price Index was 6.21%, up from the 6.02% in May 2022.
The 12-month moving average rate for June stood at 3.66%.
The largest upward impact on annual inflation was measured in the Food Index (+2.15 percentage points).
The RPI measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services, and is closely linked with the Cost-of-Living Adjustment (COLA) increases and periodic rent payment adjustments. A closely related measure of price movements is the Harmonised Index of Consumer Prices (HICP).
Each monthly RPI news release includes three different measures of inflation:
1) The annual inflation rate measures average price changes between the reference month and the same month of the previous year. Although responsive to recent changes in price levels, this measure can be influenced by one-off effects in either month.
2) The monthly inflation rate compares price changes between the reference month and the previous month. This measure can be highly influenced by seasonal effects.
3) The 12-month moving average rate overcomes the volatility of the above two rates by comparing the average of the latest 12 indices to the average of the previous 12 indices. This measure is less sensitive to temporary changes in prices. Thus, this rate is used for the computation of the COLA and adjustments in wages, rents, etc
In June 2022, the largest upward impact on annual inflation was registered in the Food Index (+2.15 percentage points), largely due to higher prices of take-aways.
The second and third largest impacts were measured in the Housing Index (+1.17 percentage points) and the Transport and communication Index (+0.88 percentage points), mainly on account of higher prices of house maintenance services and new cars respectively.
On the other hand, no downward impacts on annual inflation were registered for the month of June.