In June inflation reached 13.2%, while it has been growing unstoppably for almost 1.5 years

The year-on-year inflation rate is the highest since June 2000 and it has been growing at a double-digit rate for the fourth consecutive month. The prices of almost all items in the consumer basket rose, not only of housing, food and fuels, but also of catering services, furniture and household maintenance significantly went up.

Although the month-on-month price rise dropped to 1.2% in June, the average price increase this year from month to month is 1.6%. Year-on-year inflation has been growing for the seventeenth consecutive month, and while its value in last June was still at the level of 2.9%, in this June it reached the maximum in the last 22 years, at 13.2%.

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Month-on-month development – June 2022 compared with May 2022

Prices rose month-on-month in 11 out of the 12 divisions (household expenditure groups), they decreased only in the division of higher education. Food prices rose at a more moderate pace by 2.4% (by 3.5% in May), mainly due to higher prices of meat by 3.3%, milk, cheese, eggs by 2.9%, fruit by 7.5% or oils and fats by 6.6% (mainly oil by 12.8%). Only the price of vegetables dropped by 2.7%.

In the division of housing and energy, not only the prices for imputed rent (owners' housing costs) increased by 1.8% and the maintenance and repair of dwellings by 1.3%, but this month also the prices for water supply and other services increased significantly by 2.1%.

In transportation, fuel prices rose by 5.7%, maintenance and repairs by 1.4%. We had to pay extra for recreation and culture, in restaurants and cafes, for personal care and also in the healthcare sector.

In June compared to May, the consumer price index increased by 1.2% equally in the households of employees and in low-income households, and by 1.3% in the households of pensioners.

Year-on-year development - June 2022 compared to June 2021

A year-on-year value of inflation rose to 13.2% in June 2022. Prices increased in all monitored divisions of the consumer basket, up to half of the 12 divisions (household expenditure groups) achieved a year-on-year growth of more than 8%. Prices of the two most important expenditure items of Slovak households, i.e. food and housing costs, were almost 20% higher year-on-year. Prices in transportation, restaurants and hotels, and furniture and furnishings also grew at a double-digit rate.

The highest share - more than a quarter - in the expenses of Slovak households is represented by housing costs. We had to pay extra by 15.5% in total, year-on-year. Imputed rent rose by 18.5% and prices of electricity, gas and heat energy rose by 15.8%. We already recorded higher prices in water supply and related services by 8.3% year-on-year.

Food prices were up by 18.7% in all nine monitored items year-on-year. Prices of bread and cereals and milk, cheese and eggs increased the most by 21%, meat by 19%, oils and fats by 47.2%, but also vegetables by 15.4%, sugar and confectionery by 11.2% or fruit by 7.6%. As for the non-alcoholic beverages, prices of coffee, tea and cocoa rose by 9.9% and prices of mineral waters, soft drinks and juices by 8.8%. Year-on-year, prices of alcoholic beverages also increased by 5.3%.

Fuel prices continued to rise by as much as 43.4% year-on-year. Compared to June of the last year, catering prices rose by 20%, prices of personal care increased by 10.3%, health services by 8.5%, as well as recreation, cultural services and package holidays by 7.4% and insurance by 5.5%.

In June 2022, the consumer price index increased, year-on-year, in households of employees by 13.2%, low-income households by 13.5%, and households of pensioners by 14.1%.

In summary, for the first six months of 2022, consumer prices increased by 10.9% on average (in households of employees by 10.8%, low-income households by 10.9%, households of pensioners by 11.8%), year-on-year.

Development of core and net inflation

In June, the total year-on-year inflation rate was 13.2%, core inflation reached 12.9% and net inflation 11.1%. Month-on-month, core inflation reached 1.4% and net inflation 1.1%.

Core inflation is affected by a rise in 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.