The Consumer Price Index (CPI) based on prices in July 2022, is 553.5 points (May 1988=100), 1.17% higher than in the previous month. The CPI less housing cost is 459.4 points, 0.94% higher than in June 2022.

Summer sales are widely in action causing a decrease in prices of clothing and footwear by 6.8% (effect on the index -0.24%) and a decrease in prices of furniture and furnishings by 2.6% (-0.17%).

Cost of owner occupied housing (imputed rent) increased by 2.4% (0.47%) and prices of international flights increased by 38.3% (0.72%).

The increase in prices of airfares is due to a price increase in July of 19.9% (0.43%) in addition to prices of airfares being underestimated in June (0.29%). The increase in prices of international airfares in June should have been 20.4%. The published CPI in June is not revised.

The CPI is 9.9% higher in July 2022 than in July 2021 and the CPI less housing cost is 7.5% higher than one year ago.

The CPI compiled in the middle of July 2022, 553.5 points, is applicable for indexation purposes in September 2022. The old credit terms index for September 2022 is 10,929 points.


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