According to a Eurostat report issued on Friday, growth in consumer prices in the European Union and the Eurozone continued to slow on an annual basis in October, while prices in Croatia rose at a steady pace for the third month in a row.
Speaking at a conference on boosting exports, hosted by the Croatian Bank for Reconstruction and Development in Šibenik, Croatia’s Deputy Prime Minister and Finance Minister Zdravko Marić addressed one of the main issues facing Croatian exporters and domestic consumers, Croatia's bid to join the EURO Zone. The minister tried to allay the fears of those who believe the adoption of the Euro in Croatia will lead to a massive price inflation.
“You know yourselves that we already said that we will make it mandatory to list prices in both Kuna and Euro by a minimum of at least six months before we formally adopt the Euro. On the other hand we shouldn't negate the fact that in spite of the deep integration of the European Union, the ptax policy remains to high extent in the hands of individual member states, and here I'm especially referring to the Value Added Tax, which is a measure that can, if need be, be activated in a bid to annul the potential effect of price growth,” Marić said.
Meanwhile, according to the latest report from Eurostat, Croatia’s annual Harmonized Consumer Price Index inflation rate in October was 0.6 percent, down from 1.7 percent in October of 2018. Croatia is on par with the annual rates of inflation in Ireland and Denmark. The EU member states with the highest annual inflation rates in October are Romania at 3.2 percent, Hungary at three percent, and Slovakia at 2.9 percent.
Eurostat’s report also fund that the annual HCPI inflation rate in the 28 member bloc slipped to 1.1 percent in October, down from 1.2 percent in the previous month. The annual inflation rate fell slightly in the Euro Area as well last month, dipping to its lowest level since November 2016, at 0.7 percent.
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