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Inflation – consumer price indices in August 2022
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Inflation – consumer price indices in August 2022

Last update: 14.09.2022
Ilustračný obrázok
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.09.2022

Inflation increased to 14% in August, rising continuously for the nineteenth consecutive month

Consumer prices rose at a double-digit rate for the sixth consecutive month. The most important expenditure items of Slovak households - food and housing costs, including energy - were slightly more expensive year-on-year. In August, the gradual lowering of fuel prices continued.

In August 2022, consumer prices increased by 0.8% month-on-month, their growth dynamics remained at the July level. However, year-on-year inflation has been increasing relentlessly since last January and has reached the highest level since the beginning of the millennium.

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Month-on-month development – August 2022 compared with July 2022

Prices rose month-on-month in 9 out of 12 divisions (household expenditure groups). Rising food prices continued to have the most significant impact on the month-on-month change. The growth rate was maintained, as in July, at the level of 1.4%. Except for vegetable prices, which dropped by 1.2% month-on-month, all other food items became more expensive. The prices of oils and fats were higher by 2.7%, milk, cheese, eggs and meat by 1.7%, bread and cereals by 1.5% and also sugar, chocolate and confectionery by 1.8%.

The price increase in housing and energy division by 0.9% was mainly influenced by higher prices for actual rent by 1.4% and imputed rent by 1.1%. Prices of solid fuels rose sharply by 5.6% month-on-month.

The prices of mobile operator services, recreational and cultural services, accommodation services, personal care, social services and insurance prices have also increased. On the contrary, prices of food and beverages rose more slowly than in previous months.

Lower fuel prices by 5.9% also had a dampening effect on inflation in August, as a result of which the entire group of transport goods was in slightly negative numbers. In total, however, fuel prices rose by an average of 4.6% month-on-month in the first half of the year. In addition to the drop in transport prices, the prices of clothing and footwear were also lower. Prices in the field of education did not change month-on-month.

In August, compared to July, the consumer price index increased in the households of employees, in low-income households and in the households of pensioners equally by 0.8%.

Year-on-year development – August 2022 compared to August 2021

In August 2022, the year-on-year inflation rate increased to 14% in August 2022. This is the highest level of inflation in over 22 years. Since May, the growth rate of inflation has been slowing slightly from month to month.

During the eighth month of the year, prices increased in all monitored divisions of the consumer basket, up to half of the total of 12 divisions achieved year-on-year growth higher than a tenth.

The food and non-alcoholic beverages sector mainly contributed to the year-on-year increase in prices. Food prices were higher by 21.6% and soft drinks by 14%. Inflation was mainly affected by higher prices of bread and cereals by 24.5%, meat by 21.8%, milk, cheese and eggs by 22.9%, fruit by 11.8% and vegetables by 15.9%. The prices of oils and fats, whose share in the consumer basket is not that significant, were higher than half year-on-year.

Rising inflation had a significant impact on housing and energy prices, when prices were higher by 16.3% year-on-year in August. The growth in energy prices from the beginning of the year was affected by even higher solid fuel prices in August, with a year-on-year increase of 28.5%. The imputed rent was higher by 19.4%.

In the field of transport, prices were higher by 18.1%. The pace of growth in this division was influenced by fuel, which has become cheaper for the second consecutive month. Nevertheless, they were almost higher by a third year-on-year.

Prices in food and beverage service activities rose by 19.9% in August. Goods and services in the group of personal care (e.g. hairdressing services), which were higher by 11.8% year-on-year, also became more expensive.

In August 2022, the consumer price index increased year-on-year for households of employees by 13.9%, for low-income households by 14.4%, and for households of pensioners by 15.1%.

In summary, for the first eight months of 2022, consumer prices increased by 11.6%, year-on-year, on average (in households of employees by 11.6%, low-income households by 11.7%, households of pensioners by 12.6%).

Development of core and net inflation

In August, the total year-on-year inflation rate was 14%, core inflation reached 13.8% and net inflation 11.6%. Month-on-month, core inflation was 0.9% and net inflation reached 0.7%.

Core inflation is affected by the increase in price level 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 738 representatives - selected types of goods and services with assigned certain weights paid by the population. The scales are revised annually, are currently valid for 2022 and are available in the database of the SO 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.

Data source: DATAcube. database:

Outputs for inflation:

National inflation (CPI):

Data on consumer price indices (national inflation / CPI) are published monthly on the 13th to 15th day of the month following the end of the reference period. Prices are collected from the consumer basket based on 738 representatives – selected types of goods and services, which are classified into 12 divisions, 44 groups and 102 classes according to the COICOP classification.

Data are available:

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.

These are data collected according to the uniform EU methodology for absolute comparability of inflation between countries. The list of prices of goods and services (consumer baskets) differs in part, the HICP, unlike the national inflation (CPI), does not include "Imputed rents" and selected items of major repairs and household maintenance, resulting in differences in the weights of components in household expenditure (in the consumer basket).

Data are available:

The SOSR publishes the chart of Structure of household expenditures, which presents the consumer basket valid for 2022. 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.

Responsible person: Director of the Price Statistics Department Ing. Štefan Adamec

Illustrative image-graph
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