Inflation achieved a new maximum, reaching 12.6% in May

Year-on-year inflation has been rising already for the 16th consecutive month and is the highest since June 2000. Particularly, food, fuel and housing-related energy prices continue to rise. We also had to pay significantly more in the restaurants and in the canteens and school canteens as well.

The month-on-month price rise in May 2022 reached 1.6%. Year-on-year inflation reached 12.6%, in April it was 11.8%, in March 10.4%.

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Month-on-month development - May 2022 compared with April 2022

Month-on-month, prices rose in 11 out of the 12 divisions (household expenditure groups). In particular, food prices increased by 3.8%. The price rise was significant for oils and fats by 10.4% (of which butter by 10.2% and oil by 14.5%), meat by 4.6%, milk, cheese and eggs by 4.1%, bread and cereals by 3.8% and fruit by 3.2%. Vegetable prices dropped by 0.7%.

In the division of housing and energy, imputed rents (taking into account the cost of own housing) increased month-on-month by 2.6% and maintenance and repair of the dwellings by 2.2%. From energy, prices for solid fuels rose mainly by 1.9%.

In transportation, higher prices of fuels by 4.5%, purchase of means of transport by 0.7% and maintenance and repairs by 1.2% contributed to the increase.

Prices in restaurants and cafes also increased by 2.2% and accommodation services by 1.9%. Prices in canteens and school canteens increased by 1.0% compared to the previous month.

Compared to April, the consumer price index increased in May by 1.5% in households of employees, in households of pensioners and in low-income households equally by 1.7%.

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

In May 2022, year-on-year inflation rate reached 12,6 %. Year-on-year inflation increased due to the rising prices in all the 12 monitored divisions. The prices of the two most important expenditure items of Slovak households, i.e. food and housing costs, were higher by a double-digit on a year-on-year basis, as well as the transport and catering services.

Food prices rose by 16.6% year-on-year, in all the nine monitored items. The inflation was most affected by higher prices of oils and fats by 40.1%, vegetables by 19.6%, bread and cereals by 18.8%, milk, cheese and eggs by 17.4%, as well as meat by 16.5%. In non-alcoholic beverages, prices increased of coffee, tea and cocoa by 11.3% and for mineral waters, soft drinks and juices by 8.9%.

Housing costs represent he highest share in the Slovak household expenditures, while their increase was at the level of 15.6% in May. Year-on-year growth increased for imputed rents (currently higher by 19.4%) and housing-related services (maintenance and repair of dwellings by 20.7%). Prices for electricity, gas and heat increased by 15.7%, in total.

Fuel prices rose by 36.8% year-on-year.

Compared with May 2021, prices for meals in school and canteens were higher by 36.2% and in restaurants and cafés by 13.5%. Prices of accommodation services also increased by 8.3%, personal care costs by 9.5% and telecommunications services by 4.1%.

In May 2022, the consumer price index increased year-on-year for households of employees by 12.5%, for low-income households by 12.7%, for households of pensioners by 13.5%.

In total, in the first five months of 2022, consumer prices increased on average by 10.4% year-on-year (for households of employees and for low-income households by 10.4%, for households of pensioners by 11.3%).

Development of core and net inflation

Compared with the total year-on-year inflation rate of 12.6%, core inflation reached 12.1% and net inflation reached 10.7%. Month-on-month, core inflation reached 1.9% and net inflation 1.3%.

Core inflation is affected by a rise in 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 without changes in food prices.