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Inflation – consumer price indices in February 2024
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Inflation – consumer price indices in February 2024

Last update: 15.03.2024
Ilustračný obrázok
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 15.03.2024

Inflation was the lowest in more than two years, reaching 3.4% in February

The trend of the slower price growth continued, and February inflation approached a two-and-a-half-year minimum of 3% year-on-year. The slowdown in growth was particularly manifested in the division of food, but higher prices for alcohol and tobacco prevented a significant slowdown in price increases. The prices of tobacco products, transport services, fuel, as well as goods and services for household maintenance increased month-on-month.

Consumer prices of goods and services rose by 0.5% in February compared to January. Year-on-year inflation reached 3.4%, which is well below the peak from the turn of 2022-2023, when inflation remained above 15% for 4 months.

Download high resolution chart format PDF (73 kB) or PNG (128 kB).

Month-on-month development – February 2024 compared to January 2024

The price increase in February had the greatest impact on the price growth in three divisions of the consumer basket: transportation, alcohol and tobacco, as well as furniture and furnishings.

In transportation, it was mainly fuel prices, which rose by 4.5% month-on-month, and an increase in prices in bus transport. In the field of alcoholic beverages and tobacco, the prices of tobacco products rose sharply, due to the increase in consumption tax, their prices rose by 6.4%. From the group of goods in the field of furniture and furnishings, the growth of February´s inflation was mainly influenced by the higher prices of goods and services for household maintenance.

On the contrary, lower prices of apparel and footwear (by 0.6%), personal care products (by 0.5%) and insurance related to transportation had the most significant dampening effect on month-on-month price growth.

Consumer prices in the two most significant components in household expenditure, in the division of housing with energy and food with non-alcoholic beverages1), rose by only 0.1%. The slowdown of price increases was particularly manifested in the division of food, where the month-on-month growth of fruits and vegetables balanced the decline in the prices of sugar and confectionery, as well as of oils and fats.

Year-on-year development – February 2024 compared to February 2023

In a year-on-year comparison, inflation slowed to a two-and-a-half-year minimum and reached a value of 3.4%. Year-on-year prices were higher in all divisions (household expenditure groups), a double-digit growth remained in education, and currently, due to the increase in consumption tax, the inflation rate has risen to a double-digit value even for alcohol and tobacco.

Prices of food and non-alcoholic beverages continued to have the greatest impact on overall inflation in the year-on-year comparison. The pace of their price increase slowed sharply and for the first time since November 2021 it was more moderate than the overall growth of consumer prices. In February, inflation in the division of food reached an annual value of 3.3%. Year-on-year higher prices were recorded in 7 out of 9 food components, but except of fruit with a double-digit growth, the price growth slowed down in all components. The consumers paid less than a year ago only for milk, cheese and eggs by 3.7% and for oils and fats by 7.5%.

In the division of alcohol and tobacco products, the overall rate of inflation was negatively affected, especially the prices of tobacco, which rose by 12.5%, and spirits, which were more expensive by up to 21.4% year-on-year. In the field of education, it was again mainly fees in kindergartens and primary schools that affected the growth of aggregate inflation.

In total, for the two months of 2024, consumer prices increased by 3.7% year-on-year.

Development of core and net inflation

In January, the total year-on-year inflation rate was 3.4%, core inflation reached 3.7% and net inflation reached 3.9%. On a month-on-month basis, core inflation reached a value of 0.4% and net inflation a value of 0.5%.

Core inflation was affected by price level growth 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 without changes in food prices.

Note: The development of consumer price indices is monitored on the base of the universal consumer basket composed of selected types of goods and services with assigned certain weights paid by the population. The scales are revised annually, are currently valid for 2024 and are available in the database of the Statistical Office of the SR. Prices are ascertained in a selected network of stores and service operations during the first 20 days of the reference month throughout the whole territory of the SR.

1) from January 2024,price outputs for food and non-alcoholic beverages are processed from a new source – transaction data of retail chains, which replaced traditional field surveys

Data source: DATAcube. database:

Outputs for inflation:

Change in the methodology of determining consumer prices

From January 2024, the Statistical Office of the SR processes price outputs for food and non-alcoholic beverages from a new source - from the so-called scanner data, i.e. from the transaction data of business chains. They replaced the traditional field surveys, thus significantly expanding outputs on consumer prices in the mentioned division. The use of data scanners is an important part of the modernization of price statistics while maintaining and increasing its quality.

Published types of inflation

The Statistical Office of the SR publishes two types of inflation:

  • development of consumer prices based on national methodology – Inflation – Consumer Price Indices (the English abbreviation CPI - Consumer Price Index is used)
  • development of consumer prices based on internationally harmonized EU methodology - Harmonized Index of Consumer Prices (HICP - Harmonized Indices of Consumer Prices)

National inflation (CPI):

The prices are determined throughout the territory of the SR.

Since January 2024, the Statistical Office of the SR processes price outputs for food and non-alcoholic beverages from a new source - from the so-called scanner data, i.e. from the transaction data of business chains. Inputs about prices in the mentioned divisions have significantly expanded and contributed to the improvement of statistical outputs. The use of data scanners is an important part of the modernization and improvement of price statistics.

Prices in other fields continue to be obtained directly in the field, in selected stores and retail operations.

The published reference data are for the entire territory of Slovakia and for all types of consumers. However, the Statistical Office of the SR also publishes price increases for specific social groups – for households of employees, pensioners and low-income households. Pensioner inflation expresses the change in consumer prices for pensioner households. The difference between general and pension inflation lies in the weights of goods and services in the consumption basket (COICOP). Detailed data broken down by social groups of the population is published approximately five days after the CPI, current data for January will be available on March 26, 2024 in the DATAcube database chapter: 2. 3. 1. 1 - Consumer price indices.

Internationally harmonized inflation in the EU (HICP)

EU Harmonized Indices of Consumer Prices (HICP) data are published monthly, several days after the national CPI inflation, according to the First Release Calendar in the DATAcube database chapter: 2. 3. 3 - Harmonized indices of consumer prices (HICP inflation).

Consumption basket - structure of household expenses

The Statistical Office annually revises the weights of expenditure items in the structure of the consumption basket. The published graph of the consumption basket is valid for the year 2024. It shows how much the household spends on specific groups of products and services in everyday life. Weights of expenditure items are an integral part of calculating the inflation rate (increase in consumer prices).

The scales are revised annually.

The Statistical Office of the SR publishes the chart of Structure of household expenditures, which presents the consumer basket valid for 2024. It states how much money the household spends on specific expenditure groups of products and services in everyday life. Understanding the structure of household expenditure is an essential part of determining the level of inflation (price growth), because it determines the weights of expenditure items for its calculation.

Illustrative image – graph

Download high resolution chart format PDF (82 kB) or PNG (174 kB).

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