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Inflation – consumer price indices in October 2022
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Inflation – consumer price indices in October 2022

Last update: 14.11.2022
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.11.2022

Inflation approached almost 15% in October, price increases of food and solid fuels continued, clothing and footwear prices also rose

The most important expenditure items of Slovak households - food and non-alcoholic beverages and housing with energy increased their year-on-year growth in October as well. Out of 9 commodity groups of food, up to 6 exceeded a 20 percent growth in a year-on-year comparison. In housing, prices for heat and solid fuels continued to increase. Fuel prices also started to rise again, they were higher by a fifth than a year ago.

In October 2022, consumer prices of goods and services sharply increased by 1.2% month-on-month in, and the average level of price increases month-on-month this year is 1.3%. Year-on-year inflation has been growing continuously since last January and currently reaches 14.9%, the highest value since the beginning of the millennium.

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Month - on - month development – October 2022 compared with September 2022

Prices rose month-on-month in 11 out of 12 divisions (household expenditure groups). Rising food prices continued to have the biggest impact on inflation, they rose by 2.5% month-on-month in October, which was the fourth highest value this year. The most significant impact was mainly the increase in the prices of meat by 1.7%, milk, cheese, eggs by 3.6% and vegetables by 9.7%. For the first time since the beginning of the year, the prices of oils and fats dropped slightly by 0.2%, and the prices of fruits also decreased by 2.3%.

The prices of goods and services in housing and energy also continued to rise, at the month-on-month level, the high increase in solid fuel prices continued by 7.6%, and thermal energy prices also recorded a significant increase by 1.5%.

Fuel prices, after three months of slight decline, started to rise again in October and, together with higher prices for the purchase of transport equipment, affecting the growth of the entire transport sector. The prices of clothing and footwear also achieved a significant increase by 3.6%.

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

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

In October 2022, year-over-year price increases reached 14.9% which is still the highest level in more than 22 years.

Prices were higher in all 12 monitored expenditure groups (divisions) of households, half of which achieved a growth above 10 percent. We have recorded record inflation values over the past two decades in up to three quarters of all divisions.

Dynamically rising prices in two divisions - food and non-alcoholic beverages and housing and energy have the greatest impact on the total inflation, which represented almost half of household expenditures. Food prices have currently increased by 26.8% year-on-year, and prices of non-alcoholic beverages also grew at a double-digit rate for the fourth month. The most significant impact in terms of the rate of price increase and weight in household expenditures was an increase in prices of bread and cereals; meat as well as milk, cheese and eggs, their prices moved up from 27% to 30% year-on-year. Among the six food product groups, oils and fats have recorded the most significant percentage growth for more than half a year, they were currently half as expensive as a year ago, but their impact on expenditures is the smallest. Prices of vegetables rose by a quarter in comparison with October last year.

Since the beginning of the year, price increases in housing and energy have had a significant impact on inflation, where a year-on-year growth has been recorded above 16% for the fourth month, by 16.4% in October. In the last five months, under the influence of the coming winter season, prices of solid fuels have been rising in this division, they are currently by 41.5% higher than a year ago. Thermal energy prices also increased to 18.5%. Prices of imputed rent, which is a reflection of the growth in prices of construction materials, moderated the year-on-year increase below the value of 18%.

Higher prices in the division of transport affected for a long time mainly by more expensive fuels slightly reduced the growth rate to 20.4% in October.

From other divisions, consumers also paid more for newspapers, books and stationery, food, beverage and accommodation services, personal care, but also for insurance, clothing and footwear.

In October 2022, the consumer price index increased, year-on-year, in households of employees by 14.6%, low-income households by 15.5%, and households of pensioners by 16.4%.

In total, for the first ten months of 2022, consumer prices increased by 12.2%, year-on-year, on average (in households of employees by 12.1%, low-income households by 12.4%, households of pensioners by 13.3%).

Development of core and net inflation

In October, the total rate of year-on-year inflation was 14.9%, core inflation reached 15.4% and net inflation reached 12.1%. Month-on-month, core inflation reached 1.4% and net inflation 1%.

Core inflation was affected by price level growth 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.

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 Statistical Office of the 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 Statistical Office of the SR 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

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