Steady inflation component remains high in November
In November, annual inflation increased to 8.4%. The monthly growth in consumer prices (seasonally adjusted) slowed down by 0.2 pp to 0.9%, still remaining close to its six-year highs.
At the same time, the growth in consumer prices (seasonally adjusted) excluding items with usually volatile or regulated prices (fruit and vegetables, housing and utility services, motor fuel), as well as foreign tourism services also reached 0.9%.
A significant contribution to the increase in annual inflation was made by a faster annual growth in foreign tourism prices. Also in November, the annual rise in prices for meat and dairy products, cereals and pasta continued to speed up. However, it should be noted that the annual growth of prices for tomatoes and cucumbers decreased following its sharp acceleration in September—October.
The annual growth of prices for non-food goods accelerated again, remaining at the highest level since August 2016. However, the annual growth of prices for construction materials, although still remaining quite significant, has been decreasing for the fourth month in a row. The slowdown of the seasonally adjusted growth of prices for non-food goods excluding petroleum products suggests a gradual decrease in inflationary pressure in this segment. Nevertheless, it remains above the averages of previous years as well.
The information and analytical commentary Consumer Prices Dynamics, November 2021, will be published on 17 December 2021.