Consumer prices were kept low, inflation of 1,5 % is the second lowest this year and it is by a half lower than the last year.

In a year-on-year comparison, a growth dynamics in prices slowed down by 0,1 percentage point in November compared with October; thus inflation is retaining its minimal levels compared with the situation before the corona crisis. The current value is the second lowest this year.

In the most surveyed 12 components of the consumer basket -  in the  division of food and non-alcoholic beverages, a price growth was below 1 %, which is significantly less than it was reflected in this division before the pandemic. In the second half of the last year, prices of food and non-alcoholic beverages reached a growth between 1,7 % and 5,2 %. In November, prices were higher, year-on-year, mainly in smaller components as for the structure of expenditures of Slovak households, e.g. in the division of hotels and restaurants, miscellaneous goods and services, such as health care. An inflation growth was moderated mainly by lower prices in transport.

Development of consumer prices in November 2020 compared to October2020

In November, compared with October, consumer prices increased by 0,1 % in total. A month-on-month development was mainly influenced by higher prices of recreation and culture by 0,6 %, which rose most significantly since the beginning of the corona crisis. A month-on-month inflation rate was also affected by higher prices for transport as well as alcoholic beverages and tobacco.

Prices of food remained unchanged, month-on-month, as for the individual components, prices of vegetables (including potatoes) rose by 3,8 %.  Meat; milk, cheese and eggs increased by 0,2 %, also prices of bread and cereals were higher. These growths were outweighed by lower prices of food by 4,1 %; as well as oils and fats or fish. Prices of non-alcoholic beverages dropped by 0,5 % (except prices of mineral waters, non-alcoholic beverages and juices, which rose).

In the division of housing, water, electricity, gas and other fuels, prices remained at the level of the last month. As for the individual components, only prices of services for maintenance and repair were higher by 0,2 % and imputed rentals by 0,1 %.

Higher prices in the division of alcoholic beverages and tobacco were affected by higher prices of alcoholic beverages by 0,2 % (spirits by 0,5 %); tobacco by 0,1 %.

Price rise in the division of recreation and culture even by 0,6 % were affected by higher prices of newspapers, books and stationery by 1,3 %; prices of audiovisual and photographic technology were also  more considerably higher, or other recreational items and equipment, gardens and pets. Prices of package holidays were lower.

An increase in prices in transport  was due to higher prices of transport services by 3,1 % (mainly air passenger transport). Prices of purchase of transport equipment dropped, as well as of operation of personal transport equipment.

A rise in prices in restaurants and hotels was influenced by higher prices in catering services by 0,2 % (payments for meals in canteens for pensioners by 0,3 %, in restaurants, in cafés by 0,2 %, in canteens by 0,1 %). Prices of accommodation services decreased by 0,5 %.

Higher prices in the division of furnishings, household equipment and routine household maintenance by 0,1 % were influenced by a rise in prices of glassware, tableware and household utensils; tools and implements for house and garden; goods and services for routine household maintenance both by 0,4 %. On the contrary, prices for household textiles or carpets and floor coverings decreased.

A decrease in prices in the division of  health care by 0,1 % was influenced by lower prices of medical products, medical appliances and equipment. Lower prices in the division of miscellaneous goods and services by 0,3 % were mainly due to a fall in prices of personal care and also lower insurance prices.

In November, compared to October, the consumer price index increased in households of employees, in households of pensioners both by 0,1 %, it did not change in low-income households.

Development of prices in November 2020 compared to November 2019

In a year-on-year comparison, a growth of prices in the division of food and non-alcoholic beverages reached 0,9 %, as for food by 1%. Regarding food items, prices of meat were higher by 4,5 %, food products not elsewhere classified by 4,1 %, prices of vegetables decreased by 3 %.

Similarly, prices were higher by 2,4 % year-on-year  in terms of weight, in the strongest expenditure component - housing, water, electricity, gas and other fuels,.

Significant growths were recorded in the divisions that have a smaller weight in expenditures in the SR. The most significant increase was recorded in restaurants and hotels by 4,1 %; miscellaneous goods and services by 3,8 %; health care by 3,7 %; education by 2,9 %. Year-on-year, only prices in transport were lower by 4,6 %.

On average, over the eleven months of 2020, compared to the same period in 2019, consumer prices increased by 2 % in total.

In November 2020, the consumer price index increased in households of employees, low-income households both by 1,5 %, in households of pensioners by 1,6 % year-on-year.

On average, over the eleven months of 2020, compared to the same period of 2019, the consumer price index increased in households of employees by 1,9 %, households of pensioners by 2,2 % and in low-income households by 2,1 %.