Consumer price changes
In December 2017, as compared to December 2016, consumer prices rose by 2.2 %, of which prices of goods increased by 2.0 % and of services – by 2.6 %.
The consumer price changes compared to the corresponding period of the previous year (annual inflation) reflect the price changes within 12 months. In December of each year the indicator reflects price changes during a calendar year.
This indicator is used in the calculations of social benefits, indexation of wages and pensions, reviewing the lease and rent payments, accountancy, as well as to determine the compensation for material losses to individuals and legal entities (wages and salaries not paid, thefts, accidents, etc.). This measure is responsive to one-off price leaps in comparison or reference periods, however, in general it allows reflecting the most recent price changes better.
Consumer price changes on average per year (annual average inflation) shows the average price changes in the last 12 months, compared to the previous 12 months.
This indicator is mostly used in the macroeconomic analysis when investigating the inflationary processes in a longer period of time, as it is practically not influenced by short-term or transient price fluctuations.
Consumer price changes, compared to the previous period (monthly inflation) reflect changes in the average price level during a month.
This indicator may be substantially influenced by seasonal price fluctuations.