Inflation in households of pensioners rose to 1.9%

Inflation, a price growth in July 2024 in Slovakia, was published by the statistical office on 15 August. On a regular monthly basis, at a later date, it also publishes detailed structures of the rate of a price growth for selected social groups.

Prices in Slovakia rose by 2.6% year-on-year in July. Households of employees and low-income households recorded a higher index of price growth, in both cases it was 2.7%. In households of pensioners, inflation was lower, i.e. 1.9%.

The greatest impact on the resulting inflation indices for individual social groups compared to the average was mainly due to the higher growth rate of prices for food and non-alcoholic beverages. In July, a negative development of the indices was also influenced by the increase in prices of recreation and culture (especially holiday tours), postal and telecommunication services, as well as prices of pharmaceutical products in the health sector. Their increase was mainly recorded by households of pensioners, in which they represent a larger share of total expenditures than in other types of households. Price growth was also slightly more dynamic in the housing and energy sector, contributed to by higher prices for waste disposal, although this sector has been in negative year-on-year values since February in households of pensioners. In all types of households, the growth of average prices in transport was also significant, which was influenced by higher prices of fuel and transport services. In July, prices for financial services of post offices and banks also increased sharply year-on-year. The rate of inflation for three specific social groups has slightly different values, it results from the different structure of expenditures of these households within the consumer basket.

In total, for the seven months of 2024, consumer prices within the Slovak Republic increased by 2.6% year-on-year, in households of employees it was by 2.8%, in low-income households by 2.6%, in households of pensioners by 2%.