Inflation in March reached 4%, it was the highest in the last 15 months

March´s prices rose at the slowest rate since the beginning of the year, affected by lower prices of transportation and food. The acceleration of year-on-year price growth continued to be affected by non-alcoholic beverages, selected foods, food services, as well as alcoholic beverages with tobacco, and personal care products and services.

Consumer prices for goods and services increased by 0.3% month-on-month in March, at a slower pace than in the previous two months. Year-on-year inflation reached 4%, the highest level since December 2023.

Month-on-month development – March 2025 compared to February 2025

Consumer prices increased month-on-month in March in 9 out of a total of 12 divisions (household expenditure groups) ranging from 0.2% for housing and energy to 1.7% for apparel and footwear. Prices of transportation were lower by 1.5% and food and non-alcoholic beverages by 0.1%.

Higher prices of restaurants and hotels had the greatest impact on month-on-month inflation. Not only were food and beverage services more expensive by 1.5% (services in canteens by 2.3%, in restaurants and cafes by 1.1%), but also accommodation services, where prices rose by 1.2%. After 2 months of decline, a more significant price increase in apparel and footwear division by 1.7% also contributed to inflation.

In the most important division in terms of expenditure, housing and energy, prices increased by 0.2%. Prices of imputed rent, maintenance and repairs of dwellings, waste collection and solid fuels increased in particular. Prices of thermal energy decreased slightly.

In the miscellaneous goods and services division, consumers experienced a price increase of personal care services (hairdressing and beauty services by 0.9%) and personal accessories by 1.1%.

On the contrary, lower prices in transportation by 1.5% had a dampening effect on inflation growth. Prices of fuels were cheaper by 3.8%, but also transport services and the purchase of motor vehicles.

The price development of food and non-alcoholic beverages¹⁾ had a positive impact on month-on-month inflation, which dropped by 0.1% after 2 months of growth. This division has the second largest share in household expenditure.

Among food, 7 out of a total of 9 food items became cheaper. Compared to February, the prices of oils and fats were lower in particular by 4.1%, fruit by 1.3%, vegetables by 0.9% and meat by 0.3%. On the contrary, the prices of milk, cheese and eggs increased by 0.9%, as well as of bread and cereals by 0.7%. Prices in the entire sector rose due to an increasingly expensive non-alcoholic beverages¹⁾ by 1.4%.

Year-on-year development – March 2025 compared to March 2024

In March, inflation in the year-on-year comparison reached 4%, the pace of its growth accelerated slightly. Prices were higher year-on-year in all 12 divisions (household expenditure groups), from 1.1% in transportation to 10.6% in education.

The growth in overall inflation was the most affected by more expensive food and non-alcoholic beverages, whose prices were higher year-on-year by 3.2%. In this division, non-alcoholic beverages in particular continued to be more expensive by 15%, with a double-digit growth recorded by both mineral waters and juices, as well as coffee, tea and cocoa.

Within food division, 6 out of 9 components recorded higher prices year-on-year. Oils and fats were significantly more expensive by over 13%, maintaining a double-digit growth for the ninth consecutive month. The prices of milk, cheeses with eggs, fruit, as well as sugar and confectionery were also higher by 4 to 7%. On the contrary, prices of meat and vegetables dropped by up to 2.6%.

The inflation growth was mainly due to the divisions with a lower share of expenditure. These were mainly price increases in restaurants and hotels by 8.7%, we paid more especially for meals in restaurants and canteens. The price increase of miscellaneous goods and services by an average of almost 7%, affected by more expensive hairdressing and beauty services, but also financial services and insurance, also had a significant impact. The ever-increasing prices of alcoholic beverages and tobacco by 5.9% also increased inflation, with wine becoming more expensive, but also spirits, beer and tobacco.

In the most influential division, housing and energy, prices increased by 2.4%, the growth rate was more moderate. A double-digit year-on-year growth was recorded by the prices of water supply and waste collection. Thermal energy prices decreased slightly.

Development of core and net inflation

In March, the year-on-year inflation rate was 4%, core inflation reached 3% and net inflation reached 2.7%. Month-on-month, core inflation reached 0.3% and net inflation reached 0.5%.

Core inflation tracks the growth of the price level after excluding the impact of changes in regulated prices (e.g. energy prices) and other administrative measures (e.g. tax adjustments, etc.). Net inflation is core inflation excluding changes in food prices.

Price increase for different social groups

The Statistical Office of the SR publishes average consumer prices of national inflation for selected social groups (pensioner households, employees, low-income households), later always around the 26^th day of the month in selected data cubes in the public database DATAcube. within chapter 2.3.1.1- Consumer Price Indices. Data for March 2025 will be published on April 25, 2025.

New consumer basket

Statistical Office of the SR published a new structure of the consumer basket for 2025. The weights of the 12 divisions are adjusted annually in accordance with the European methodology. For 2025, the shares of the two largest expenditure items decreased, housing and energy dropped to 23.3% and food with non-alcoholic beverages to 21.2% (applies to the national inflation CPI methodology). On the contrary, recreation and culture significantly increased its share of household expenditure to 8.3%.

Average prices of specific goods

The Statistical Office of the Slovak Republic publishes average consumer prices of selected items of goods and services from the consumer basket (including food)²⁾ in a data cube in the public database DATAcube. (The cube is listed in the data sources at the end of this report). Data for March 2025 will be published on April 25, 2025.