Average inflation in the harmonized European methodology reached 3.2% in 2024

Food and beverage prices recorded dynamic month-on-month decreases in December, which positively affected the year-on-year monthly and average annual inflation rates. The results processed according to the European uniform methodology confirmed the trends from national inflation.

Annual inflation measured by the year-on-year Harmonized Index of Consumer Prices (HICP) according to the European uniform methodology reached 3.2% in December 2024. The pace of price growth slowed down, in November the annual HICP inflation in the Slovak Republic was still at 3.6%. This is data comparing the change in the price level in the monitored month with the same period in the previous year.

The average annual HICP inflation for the whole of 2024 reached 3.2%, which represented a significant year-on-year slowdown in price growth compared to 2023, when its value was 11%.

In a month-on-month comparison, prices fell by an average of 0.5% during December 2024. This was the largest month-on-month price decline since 2001. Of the 12 sectors monitored, the month-on-month decline was only evident in two, but it was so significant that the resulting total fell to a record low.

The current development was most influenced by the decline in prices of food and non-alcoholic beverages (negative contribution - 0.65 percentage points/p.p.), with both food and non-alcoholic beverages becoming cheaper. Prices in the alcoholic beverages and tobacco division also decreased (negative contribution -0.05 p.p.) due to the decrease in prices of alcoholic beverages. In the remaining divisions, prices remained unchanged month-on-month or increased slightly, the most dynamically in the divisions of recreation and culture (+0.11 p.p.) and miscellaneous goods and services (+0.04 p.p.).

The values of harmonized inflation for December 2024 in the EU and EFTA countries will be published by Eurostat on 17 January 2025 at 11 a.m. on its website.