Latest reading: Consumer prices were up 2.4% on a year-on-year basis in February, unchanged from the prior month’s reading. February’s...
Inflation in Croatia
Harmonized consumer price inflation averaged 2.6% in the ten years to 2024. The 2024 average figure was 4.0%. For more inflation information, visit our dedicated page.
Croatia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Croatia from 2014 to 2025.
Source: Macrobond.
Croatia Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 0.0 | 2.7 | 10.7 | 8.4 | 4.0 |
| Inflation (CPI, ann. var. %, eop) | -0.7 | 5.5 | 12.9 | 4.6 | 3.4 |
| Inflation (CPI, ann. var. %, aop) | 0.1 | 2.6 | 10.8 | 8.0 | 3.0 |
| Inflation (HICP, ann. var. %, eop) | -0.3 | 5.2 | 12.7 | 5.4 | 4.5 |
| Inflation (PPI, ann. var. %, aop) | -2.0 | 9.6 | 26.4 | 5.9 | -3.7 |
Inflation slows in January from the prior month
Latest reading: Harmonized consumer prices increased 3.6% in annual terms in January, following a 3.8% increase in the prior month. January's reading was the weakest since October 2024. However, the figure remained higher than both the euro area average and the ECB’s 2.0% target. Relative to the prior month's data, there were reduced price pressures for food and non-alcoholic beverages (+2.2% on a year-on-year basis vs +2.9% in December) and restaurants and hotels (+8.3% vs +9.5% in December). In contrast, there were more notable price pressures for transportation (-0.7% vs -1.5% in December) and housing and utilities (+10.5% vs +9.0% in December). Meanwhile, consumer prices were up 3.4% in January, following a 3.3% rise in the prior month. Finally, harmonized consumer prices were up 0.10% in January in month-on-month terms, following a 0.34% fall in the prior month.
Outlook: Our panelists see harmonized inflation moderating gradually through end-2026. Average harmonized inflation is seen hitting a five-year low this year but should still remain above the ECB’s 2.0% target and among the highest in the euro area. Potential energy tax cuts pose a downside risk.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Croatian inflation projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Croatian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Croatian inflation projections.
Want to get access to the full dataset of Croatian inflation forecasts? Send an email to info@focus-economics.com.
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