Inflation was also above 3% in November, the growth of food prices continued to play an important role

Consumer prices were higher month-on-month mainly due to the growth of food and transport prices. Inflation, i.e. price growth at the year-on-year level, reached the third highest value this year.

Year-on-year inflation reached the value 3.2%, which was the third highest value since the beginning of the year. Price growth above the 3% level was maintained this year in January, February and October. 

Consumer prices of goods and services rose by 0.2% in November compared to October, so the month-on-month price growth slowed significantly at the end of the year, reaching a value of 0.7% in October.

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Month-on-month development – November 2024 compared to October 2024

In November, consumer prices rose month-on-month in 9 out of a total of 12 divisions (household expenditure groups), ranging from 0.1% in housing and energy or education to 0.8% in transportation. At the same time, prices did not change in 2 divisions and only goods and services included in the division of miscellaneous goods and services had lower prices compared to October.

The most significant impact was the price increase in the field of food and non-alcoholic beverages with food¹⁾ with prices increasing by 0.6% on average compared to October. The increase in prices affected only 3 of the 9 monitored food items, but this was enough for the overall increase in food prices. The price increase of milk, cheese and eggs by almost 5% and a moderate increase of up to 0.4% in vegetables, as well as sugar and confectionery had a fundamental impact. Other food categories, especially oils and fats, but also meat, bread and cereals, as well as fruit, but also fish, became cheaper. Mineral waters or coffee, tea and cocoa also had lower prices month-on-month.

The increase in prices was also supported by increases in transportation, especially by the growth of fuel prices by 0.9% after months of decline.

Overall, price growth was affected by higher prices of apparel and footwear by 0.7% and in housing and energy by 0.1% due to more expensive imputed rents, which mainly reflects higher prices of building materials and more expensive sewage.

Compared to October, we also paid more for household appliances, eating in restaurants and cafes, for accommodation services, furniture and dwelling equipment, hairdressing services, and personal accessories.

On the contrary, we paid less for personal care products (selected drug store), as well as goods and services for routine household maintenance or package holidays.

Year-on-year development - November 2024 compared to November 2023

In November, year-on-year inflation reached the third highest this year, 3.2%. Higher prices than a year ago were reflected in all 12 divisions (expenditure groups of households).

A significant impact on the negative development of inflation was the price increase in the food and non-alcoholic beverages division by 4.7%. More expensive than a year ago, consumers mainly bought oils and fats (by almost 25%), fruit (by more than 12%), and milk, cheese and eggs, vegetables, sugar and confectionery by 5 to 7%. Bread and cereal prices were higher by 2.5% than a year ago, meat prices remained unchanged.

Food and non-alcoholic beverages are the second most important item in household expenses in Slovakia with a share of almost 24%

Among other influences, there was a significant increase by 5.9% in the restaurant and hotel division, which was mainly influenced by more expensive food and accommodation services. There was also significant price growth in miscellaneous goods and services sector by 4.1%, where consumers paid more year-on-year mainly for hairdressing services (by 7.6%), as well as other services - outpatient and hospital services and insurance.

Price growth is also affected by various adjustments to taxes or fees in previous months, which, however, is always reflected in the inflation of the following 12 months after the change. This year, there were adjustments to taxes on alcohol, tobacco and also school fees, which have been keeping the year-on-year price increase in the education sector at around 10% for several months.

The most important item in household expenses – housing and energy also maintained only a minimal year-on-year change at the level of +1% in November, and even this was affected by less significant items such as the increase in the prices of water supply and sewerage, waste, as well as home maintenance and repairs.

Similarly, the transportation division had a small impact on inflation, in which prices increased by only 1.3% year-on-year. The current November´s fuel prices were lower by 6.2%, but the entire sector was mainly affected by the 17% more expensive transportation services.

In total for the first eleven months of 2024, consumer prices were higher by  2.8% year-on-year.

Development of core and net inflation

In November the year-on-year inflation rate was 3.2%, core inflation reached 2.6% and net inflation reached 1.9%. Month-on-month core inflation was 0.3% and net inflation was 0.2%.

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 excluding changes in food prices.