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Development of consumer prices in October 2020

Development of consumer prices in October 2020

Last update: 12.11.2020
ilustratívny obrázok/illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 12.11.2020



Consumer prices started to increase again in October, but the year-on-year growth is still at its lowest levels in the last three years

After four months of declining food prices, they rose again month-on-month, by 0,3 %. They were pushed up mainly by more expensive vegetables, bread and soft drinks. Year-on-year, food was more expensive by 1,2 %, which is significantly less than in the first half of the year.

Prices of goods and services increased by 1,6 % year-on-year in October. It is by 0,2 percentage points more than in the period of August and September, when they reached the level of 1,4 % year-on-year. After seven months of declining inflation, it rose slightly. However, the October inflation remains the second lowest in the last three years. Despite the corona crisis, the current development was mainly influenced by higher prices in restaurants and hotels, higher prices of miscellaneous goods and services, also in healthcare. The development of prices in transport, as well as the drop in the prices of alcoholic beverages, prevented a further significant rise of inflation.

Development of consumer prices in October 2020 compared to September 2020

Consumer prices in October increased by 0,1 % in total compared to September. The month-on-month development was mainly influenced by higher food prices by 0,3 %, which rose after four months of month-on-month declines. The month-on-month inflation rate was also affected by higher prices for education by 0,5 % and prices of clothing and footwear by 0,3 %. Prices of alcoholic beverages and tobacco have dropped; of furniture, furnishings, routine household maintenance and transport by 0,1 %. At the level of September remained the prices of housing, water, electricity, gas and other fuels; postal services and communications.

On a month-on-month basis, we paid more for education, especially for tertiary education, whose prices increased by 1,5 % (tuition fees at a university - external study by 2,5 %). The increase in food prices was caused by more expensive vegetables (including potatoes) by 4,6 % and higher prices of bread and cereals by 1,4 %. On the contrary, prices of fruit dropped by 4,1 %, meat by 0,6 % and milk, cheese and eggs by 0,5 %. In addition, month-on-month, prices of non-alcoholic beverages also increased by 1,3 % (mineral waters, non-alcoholic beverages and juices by 2,1 %). The increase in prices in the division of clothing and footwear was caused by a 1 % drop in footwear prices.

Compared to September, prices in the division of recreation and culture were also higher by 0,2 %, which was influenced mainly by a rise in prices of newspapers, books and office supplies by 0,6 %.

The increase in prices in the division of restaurants and hotels by 0,2 % was supported by higher prices of catering services by 0,2 % (in restaurants and cafés by 0,3 %).

The increase in prices in health care by 0,1 % was influenced by higher prices of health care products, medical supplies and equipment by 0,2 % (pharmaceutical products by 0,2 %).

Compared to September, alcoholic beverages decreased by 0,5 %, of which beer by 0,9 % and spirits by 0,5 %, while tobacco prices increased by 0,3 %.

The decrease in prices in transport by 0,1 % was mainly due to lower prices of transport services by 2,7 %. These decreased mainly due to air passenger transport, in which prices were lower by 32 %. Prices of operation of personal transport equipment increased by 1,1 % (fuels and lubricants for means of passenger transport by 1,4 %).

We paid the same prices for housing, water, electricity, gas and other fuels as last month. Higher prices for sewage disposal by 1,2 %, solid fuels by 1,1 % were compensated by lower prices of imputed rent of owner-occupiers by 0,1 %.

In October compared to September, the consumer price index increased in both households of employees and households of pensioners by 0,1 %, in low-income households by 0,2 %.

Price development in October 2020 compared to October 2019

In year-on-year comparison, the prices of restaurants and hotels increased the most by 4,2 %; miscellaneous goods and services by 4,1 %; healthcare by 3,8 %; education by 2,9 %; housing, water, electricity, gas and other fuels by 2,5 %; food and non-alcoholic beverages by 1 %. Only prices in transport decreased by 4,6 % and prices for postal services and communications remained at the same level.

In the division of restaurants and hotels, the year-on-year prices rose the most in catering services by 4,5 %, of which in restaurants and cafés by 5,2 %, less in accommodation services by 2 %. Higher prices of miscellaneous goods and services also contributed to the rise in inflation, of which, for example, prices of jewellery and watches increased more significantly year-on-year by 8,5 %, and prices of personal care by 4,3 %, such as hairdressing and beauty services. These increased by 7,6 %. In the health division, consumers paid more in October than in the previous year for outpatient services by 3,8 %, of which the most for the services of dentists by 4,7 %.

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

In October 2020, the consumer price index increased year on year for households of employees by 1,5 %, households of pensioners by 1,7 % and for low-income households by 1,6 %.

On average, in the first ten months of 2020, compared to the same period of 2019, the consumer price index increased for households of employees by 2 %, for households of pensioners by 2,3 % and for low-income households by 2,1 %.


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