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Development of consumer prices in June 2021
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Development of consumer prices in June 2021

Last update: 14.07.2021
ilustratívny obrázok/illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.07.2021


In June, inflation jumped to 2,9 %, it reached a level of high growths just before the pandemic

A price growth was stimulated in June, with prices up by 2,9 % year on year and inflation reached 2,2 % last month. It is the highest value since February 2020. Recently, it was also driven by higher housing prices, especially items that are affected by building material prices (imputed rents) and rising food prices again.

After five months, when food was cheaper year-on-year; in June, this prices affected more significantly the total inflation, they were higher by 1,3 % and prices of soft drinks rose by 2,8 %. At the same time, higher prices of accommodation and food services also moved inflation month-on-month. As in previous months, the total inflation was also affected by higher fuel prices (by more than a fifth).

Development in June 2021 compared to May 2021

Month-on-month, prices rose by 0,6 %, the growth rate was slightly slower than in the previous month (by 0,8 %). As for the 12 consumer basket divisions, prices rose in all of them, except education. Higher prices most significantly influenced the two most important components - the division of housing and energy and food and non-alcoholic beverages.

Prices in the division of housing and energy increased by 1,1 % month-on-month. This was mainly due to higher prices in the component (group) - imputed rents (taking into account the cost of own housing) by 2,6 %. This increase continued to be influenced by more expensive building materials. Prices of maintenance and repair of dwellings also grew faster (by 1,7 %).

In June, food prices continued to rise at a slower pace than in May, they increased by 0,5 % during the sixth month. Six of the nine monitored components (classes) recorded higher prices, but mainly fruit by 3,4 %, oils and fats by 1,5 % and meat by 1,2 %. As for the food, prices of bread and cereals, milk, cheese and eggs, as well as sugar and confectionery, fell. After two months of decline, prices of non-alcoholic beverages rose again by 1,8 %, mainly prices of mineral waters, soft drinks and juices.

 Higher prices in the division of restaurants and hotels also affected significantly the month-on-month result, prices of accommodation services increased by 1,1 % and catering services by 0,9 %. In the division of recreation and culture, prices of recreational and sports services increased by 1,7 % and package holidays by 2,6 %.

In June, compared to May, the consumer price index increased in households of employees by 0,6 %, in households of pensioners by 0,8 % and in low-income households by 0,5 %.

Development in June 2021 compared to June 2020

Year-on-year inflation rose to 2,9 % in June, continuing to be affected by lower-weight divisions in the consumer basket. Also in June, the higher overall rise in prices was mainly due to the prices of fuels and lubricants (by 21,7 % year-on-year) in the transport division, which is partly due to the base effect - a year ago, under the first wave of the pandemic, fuel prices fell sharply. Prices of purchase of transport equipment (motor vehicles, motorcycles and bicycles) and road passenger transport also increased.

For the fourth month in a row, inflation was also affected by rising prices in the division of alcoholic beverages and tobacco, affected by higher prices of tobacco products after tax adjustments (by 16,5 %) and there was a new influence of higher prices of distillates (by 2,5 %) in June.

Prices in the most monitored division of the consumer basket, which is the second largest in terms of the share of household expenditures - the division of food and non-alcoholic beverages recorded a year-on-year growth of 1,4 % for the first time this year. As for the nine monitored components (classes) within the food group, only two were below the level of the previous year - fruit by 5,2 % and sugar and confectionery by 0,1 %. Year-on-year, consumers paid more mainly for vegetables by 7,9 %, oils and fats by 7 % and most recently for soft drinks by 2,8 %.

In the division of housing and energy, which represents the highest share in the structure of expenditures of Slovak households among the 12 monitored components (divisions) of the consumer basket, a growth of prices stimulated to 1,2 %. The dampening effect of energy depreciation has been interrupted since the beginning of the year, in particular by further growth in building material prices, which was reflected in an increase in imputed rents by 6,3 % (from 3,9 % in May). Prices of maintenance and repair of the dwelling also increased, year-on-year, above 5 %.

The overall level of inflation was also affected by rising prices in the division of restaurants and hotels, catering services by 3,7 % and accommodation services by 2 %.

In June 2021, the consumer price index increased year on year in households of employees by 2,9 %, in households of pensioners by 2,8 % and in low-income households by 2,7 %.

Cumulative year-on-year inflation rate since the beginning of 2021

In total, in the six months of 2021, compared to the same period in 2020, consumer prices increased on average by 1,6 %. Year-on-year, in six months,  the consumer price index increased in households of employees by 1,7 %, in low-income households by 1,5 %, in households of pensioners by 1,3 %.

 The development of consumer price indices is monitored on a universal consumer basket composed of 731 representatives - selected types of goods and services paid by the population, to which certain weights have been assigned. The weights are revised annually, currently valid for the year 2021. Prices are collected throughout the territory of the SR in a selected network of stores and service operations during the first 20 days of the monitored month.

Outputs of the INFLATION product line:

FIRST RELEASE - Development of consumer price indices (national inflation / CPI) always around the 13th to 15th day of the following month after the end of the reference period.
Current: Development of consumer price indices in June 2021 (reference period June 2021) today 14 July in the form of tables in DATAcube databases. and STATdat. and a text of the INFORMATIVE REPORT stored in the CATALOGUE OF INFORMATIVE REPORTS.

FIRST RELEASE - Harmonised Indices of Consumer Prices (HICP) for the EU, usually a few days after national CPI inflation. The HICP has a uniform methodology in the EU to ensure the comparability of consumer price indices of individual countries. baskets for the CPI and the HICP differ in part; the HICP, unlike the CPI, does not include the components "Imputed rents"; and selected items related to major household repairs and maintenance, resulting in some differences in the CPI and HICP weights.
Current: The information report HARMONISED INDICES OF CONSUMER PRICES IN JUNE 2021 will be published on 16 July 2021 and stored in the CATALOGUE OF INFORMATION REPORTS. On the same day, the press report of Eurostat INFLATION IN THE EUROZONE is displayed at https://ec.europa.eu/eurostat/web/main/home

ELECTRONIC PUBLICATION - "CONSUMER PRICE INDICES IN THE SR", which also contains more detailed data on the topic, other indices and more detailed structures of price in-creases as well as consumer price (cost of living) indices for selected social groups - for employees' households; pensioners; for low-income households.
Current: Publication of CONSUMER PRICE INDICES IN THE SR No. 6 2021 will be published on 30 July 2021 in the CATALOGUE OF PUBLICATIONS

Responsible person: Director of the Price Statistics Department Ing. ŠtefanAdamec


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