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Inflation – consumer price indices in March 2022
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Inflation – consumer price indices in March 2022

Last update: 13.05.2022
Ilustračný obrázok
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.04.2022

In March 2022, consumer prices increased in total by 10.4% compared to March 2021, compared to February they increased by 1.7%

Both month-on-month and year-on-year, prices rose in almost all consumer basket sectors, especially food, housing and energy, fuels, in the whole sector of transport, post and telecommunications and tobacco after a longer period, with increasing tobacco prices since February this year.

Year-on-year inflation was affected by rising food prices by 12%, influenced by rising prices of oils and fats, vegetables, bread and cereals, milk, cheese and eggs. In housing, prices rose by 14.4% of all groups in the industry (imputed rents, maintenance and repairs, water supply, solid fuels and thermal energy), gas and electricity from January, rising energy prices.

Month-on-month development - March 2022 compared to February 2022

Month-on-month prices increased in total by 1.7%, prices in transport increased by 5.2%; post and telecommunications by 4.4%; alcoholic beverages and tobacco by 2.7%; miscellaneous goods and services by 2.3%; clothing and footwear by 1.9%; food and non-alcoholic beverages by 1.8%; housing, water, electricity, gas and other fuels by 1.1%; restaurants and hotels by 1.1%; furniture, furnishings and routine household maintenance by 1%; health care by 0.8%; recreation and culture by 0.3%. Education prices remained unchanged.

In the division of food (by 1.8%) all items increased, mostly prices of vegetables by 4.4%, fruits by 3.8%, bread and cereals by 1.9%, meat by 1.4%, milk, cheese and eggs by 1.3%, oils and fats by 0.7%, fish by 0.4%. Prices of mineral waters and soft drinks increased by 2.1%, coffee, tea and cocoa by 1%.

The price increase in the division of housing and energy was influenced by higher prices of imputed rent, maintenance and repairs of the dwelling by 1.5%, thermal energy by 2.4%, solid fuels by 2.1%, water supply and other services by 0.1%.

For alcoholic beverages and tobacco, tobacco prices increased by 5.2% due to an increase in excise duty on tobacco products from February 2022, alcoholic beverages by 0.6% with higher prices of beer by 1.8% and spirits by 0.7%, wine prices decreased by 1.2%.

In transport, fuel prices continue to increase by 9%, transport services by 3.9% and the purchase of transport equipment by 0.9%.

The price rise in healthcare was influenced by higher prices of dental services by 1.4%, services of secondary medical staff - spa treatment by 4%, pharmaceutical products and therapeutic aids both by 0.7%.

Prices of financial services of banks and post offices also increased by 7.5%, also of telecommunications by 3.3%, postal services by 17.6%, accommodation services by 1.5%, catering by 1.1%, goods and services for routine household maintenance by 1.6%, footwear by 2.4% and clothing by 1.7%, hairdressing services by 1.5%.

Compared to February, the consumer price index increased in March in households of employees by 1.7%, in households of pensioners by 1.6%, in low-income households by 1.8%.

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

Year-on-year, prices rose to a double-digit level of 10.4%, last time it was in June 2000 (15.4%). Food was more expensive by 12% year-on-year in all 9 monitored food classes, prices of oils and fats increased by 26%, vegetables by 24.7%, bread and cereals by 14%, milk, cheese and eggs by 12.1%, fruit by 9.5%, meat by 6.4%, fish by 10.3%, sugar, jam, confectionery by 6.5%. In non-alcoholic beverages, prices of coffee, tea and cocoa increased by 9.7%, in mineral waters, soft drinks and juices by 8.4%.

The rise in prices in housing and energy, which represents the highest share of Slovak household expenditure, reached 14.4%, due to rising prices of imputed rent by 17.4%, maintenance and repair of dwellings by 17.7%, and thermal energy by 15,1%, solid fuels by 12.8%, water supply and other services related to housing by 4.2%.

Fuel prices continue to rise by 27.9%, transport services prices by 3.3% and purchase of transport equipment by 2.3%.

In alcoholic beverages and tobacco, year-on-year comparison, prices of tobacco increased by 5.7%, spirits by 5.3%, wine by 2.1% and beer by 1.6%.

For post and telecommunications, prices of postal services increased by 17.6%, telephone equipment by 5.9%, telecommunications by 3,2%. Prices were also higher in all items for recreation and culture (by 6.9%), also in restaurants and hotels (by 16.8%), prices in canteens by 35.2% and in restaurants by 10.7%.

In healthcare, prices increased of outpatient services by 6.3%, medical products by 2.3% and hospital services by 2.7%.

Prices of financial services of banks and post offices increased by 7.8%, personal care by 7.3% (hairdressing services by 11.1%), personal accessories by 6.2%, social services by 4.6%, insurance by 3,1%.

In March 2022, the consumer price index increased year-on-year for households of employees by 10.3%, for low-income households by 10.4%, for households of pensioners by 11.2%.

In total, in the first three months of 2022, consumer prices increased on average by 9.3% year-on-year (for households of employees by 9.2%, for low-income households by 9.2%, for households of pensioners by 10.1%).

Development of core and net inflation

With March´s total rate of year-on-year inflation of 10.4%, core inflation reached 9.5% and net inflation 8.7%. Month-on-month, core inflation and net inflation both reached 1.7%.

Core inflation follows the 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.

Outputs of the Inflation product line:

First release - Development of consumer price indices (national inflation / CPI) always around the 13th to 15th day of the following month after the end of the reference period.

Current: Development of consumer price indices in March 2022 (reference period March 2022) today 14 April 2022 in the form of tables in DATAcube. databases and a text of the Informative report stored in the Catalogue of informative reports.

First release - Harmonised Indices of Consumer Prices (HICP) for the EU, usually a few days after national CPI inflation. The HICP has a uniform methodology in the EU to ensure the comparability of consumer price indices of individual countries. Baskets for the CPI and the HICP differ in part; the HICP, unlike the CPI, does not include the components "Imputed rents"; and selected items related to major household repairs and maintenance, resulting in some differences in the CPI and HICP weights.

Current: The information report Harmonised indices of consumer prices in March 2022 will be published on 21 April  2022 and stored in the Catalogue of informative reports. The press report of Eurostat Inflation in the eurozone will be released on same day.

Electronic publication Consumer price indices in the SR was cancelled. All more detailed data on the topic inflation will be available in the DATAcube. database on 26 April 2022 in part 2. Macroeconomic statistics / 2.3 Consumer prices and prices of production statistics. As for the consumer prices, data such as inflation by social groups of the population (for households of employees, pensioners, low-income households) are already available in time series.

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

The SO SR releases the chart “Structure of Household Expenditures”, which presents the consumer basket valid for 2022. It includes how much money the household spends on specific expenditure groups of products and services in everyday life. To understand the structure of household expenditure is an essential component of setting the amount of inflation (price increase), because it determines the weights of expenditure items for its calculation.

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