In August inflation approached higher values from the beginning of the year, rising to 2.8%
Inflation accelerated in the second holiday month. Prices rose month-on-month in 6 out of 12 divisions, mostly in food and non-alcoholic beverages and transportation. The overall year-on-year increase in prices is long-term influenced by the higher prices of food and various, currently mainly the transport services.
Consumer prices of goods and services rose on average by 0.2% month-on-month in August. In a year-on-year comparison, inflation slightly accelerated its pace again, rising to 2.8% and thus reaching the 3rd highest value since the beginning of this year
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Month-on-month development - August 2024 compared to July 2024
Consumer prices of goods and services rose slightly month-on-month in August, by 0.2% on average. Compared to July, prices increased in 6 out of 12 divisions (main household expenditure groups), ranging from 0.3% in the alcoholic beverages and tobacco division to 1.3% in case of prices in transportation.
The greatest impact on the month-on-month growth of average prices was mainly the prices of food and non-alcoholic beverages1), because they affected the most the household expenses. Compared to July, they rose by 0.6%, which was significantly more than the average month-on-month increase in food prices since the beginning of the year. The price increase affected 7 out of 9 monitored food items, primarily fruit, followed by milk, cheese and eggs, but also oils and fats, or sugar and confectionery. However, the prices of bread and cereals as well as vegetables were lower.
In a month-on-month comparison, the average price growth was more significantly affected by increasing prices in transportation. Compared to July, they increased by an average of 1.3%, despite a significantly lower fuel prices. Transport services, which rose by 13% compared to July, contributed to the overall higher pace of price increases in this division.
From the other expenditure groups, the prices of alcoholic beverages (beer and wine) and services - food, accommodation, also telephone, veterinary and ambulatory services, as well as personal care services - also increased.
The month-on-month decrease in average prices was recorded in August only in the divisions of furniture and household maintenance, followed by apparel and footwear, as well as healthcare, all ranging from 0.3% to 0.7%.
Year-on-year price development in August 2024 compared to August 2023
In August, year-on-year inflation reached a growth level of 2.8%. Year-on-year prices were higher in all 12 divisions (household expenditure groups), ranging from 0.5% in transportation to 10% in case of the education division.
The most significant impact on the current inflation values had the higher prices in the food and non-alcoholic beverages division by 3.2%, while the prices of both main groups of the division increased by more than 3% year-on-year. Among food items, 8 out of 9 groups of goods had higher prices year-on-year. The price increase mainly influenced by more expensive oils and fats (by 14%) and also by the higher prices of bread and cereals (by more than 5%) or sugar and confectionery (by almost 7%). Other important food items – meat as well as milk, cheese and eggs increased by less than 2% year-on-year. Only the prices of fruit were lower than last year in August.
In the field of housing and energy, which is the most important component of household expenses, only a minimal year-on-year price increase persists, currently it was 0.6% in August.
Within the individual components of this division, the price increase of water and sewage or thermal energy was compensated by the slightly dampening effect of the lower prices of imputed rent and solid fuels.
The increase in prices in transportation continued to have a significant impact on inflation, currently especially due to the sharp rise in prices of transport services by almost 17%. It could not be compensated even by the significantly lower prices of fuel by more than 8% year-on-year.
At the same time, inflation was supported by the effect of price increases in selected divisions from the previous months, which is always reflected throughout the following year. These were, for example, more expensive alcoholic beverages, medical products and services, as well as higher prices for holiday trips, but also for miscellaneous services - food, accommodation, hairdressing, social services, certain types of insurance.
In total for the first eight months of 2024, consumer prices in Slovakia increased by 2.7% year-on-year.
Development of core and net inflation
In June, the total year-on-year inflation rate was 2.8%, core inflation reached 2.3% and net inflation reached 2%. Month-on-month core inflation reached 0.2% and net inflation remained unchanged.
Core inflation was affected by the 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.
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