Inflation in February reached 3.8%, its growth moderated
Prices in February rose more moderately in both year-on-year and month-on-month comparisons. Inflation continued to be affected by changes in VAT rates and the sugar tax on soft drinks. Food prices, including all beverages, rose year-on-year. Higher prices were recorded in catering services, as well as personal care products and services.
Consumer prices for goods and services increased by 0.4% month-on-month in February. Year-on-year inflation rose to 3.8%, its pace moderating after a more significant increase in January (3.9%).
Month-on-month development – February 2025 compared to January 2025
Consumer prices increased month-on-month in February in 10 out of a total of 12 divisions (household expenditure groups) ranging from 0.2% for education to 1% for miscellaneous goods and services. Lower prices were recorded in 2 divisions, in apparel and footwear, as well as in telecommunications services.
Food prices1) in the second most important division increased by 0.2%. The prices of 5 out of 9 monitored food items increased, most notably bread and cereals by 1%, fruit by 1.9%, and vegetables and oils and fats by 1.7%. Meat was cheaper by 1.2% and sugar and confectionery by 0.6%. The growth in prices of non-alcoholic beverages1) was more moderate than in the previous month, reaching 2.5%. Mineral waters, non-alcoholic beverages and juices were more expensive by 2.8%, and also coffee, tea and cocoa by 1.9%.
In the miscellaneous goods and services division, prices of personal care products and services increased more significantly by 1.4%, especially hairdressing services.
In the most influential division, housing and energy, prices increased by 0.3%, mainly due to higher imputed rents by 0.4%. More expensive water supply and sewage disposal also had an impact on the price of housing. Of the energy sectors, only the prices of solid fuels were more expensive; on the contrary, prices of thermal energy dropped slightly.
Prices in restaurants and hotels rose more significantly, especially food services. Within the alcoholic beverages and tobacco division, tobacco prices1) were higher, but prices of alcoholic beverages1) dropped due to a lower price of wine.
Year-on-year development – February 2025 compared to February 2024
In February, inflation in the year-on-year comparison reached 3.8%. Year-on-year prices were higher in all 12 divisions (household expenditure groups) ranging from 2.6% in transportation to 9.7% in education.
The greatest impact on the overall result was the increase in food prices by 1.8%, with the year-on-year growth rate accelerating slightly. Growth was recorded in 6 of the 9 monitored food components. The most expensive items were oils and fats by 19.8%, milk, cheese and eggs by 5.2%, sugar and confectionery by 5.1% and fruit by 2.9%. On the contrary, meat prices decreased by 2.3% and vegetables by 2.4%.
Year-on-year inflation continued to be significantly influenced by the prices of alcoholic and non-alcoholic beverages. The price increase of alcoholic beverages and tobacco reached 4.6%, but the growth was more moderate. In February, the prices of wine, spirits and, beer were more expensive. The introduction of the excise tax on sugar continued to push up prices even for non-alcoholic beverages by 14.5%, mineral waters, non-alcoholic beverages and juices had prices higher by 18.2% and coffee, tea and cocoa by 9.2%.
In the most significant division, housing and energy, prices increased by 2.7% year-on-year, mainly due to an increase in imputed rent by 1.3%, as well as more expensive water supply by more than 14% and waste collection by 12%. Prices of all energies – thermal energy, gas and electricity and solid fuels – remained at a moderate level.
The restaurant and hotel division had a more significant impact on the growth of inflation, with prices increasing by 7.6%, especially for catering services. Prices of some miscellaneous goods and services also rose faster, especially of personal care services and insurance connected with transport.
Development of core and net inflation
In February, the year-on-year inflation rate was 3.8%, core inflation reached 2.8% and net inflation reached 2.5%. Month-on-month, core inflation reached 0.4% and net inflation reached 0.5%.
Core inflation tracks the growth of 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 excluding changes in food prices.
Price increase for different social groups
In 2025, the Statistical Office of the SR continues to publish inflation for specific social groups (pensioner households, employees, low-income households) approximately 10 days after the publication of monthly inflation, in selected data cubes in the public database DATAcube. within chapter 2.3.1.1 – Consumer Price Indices. Data for February 2025 will be published on March 26, 2025.
New consumer basket
In February, the Statistical Office of the SR published a new structure of the consumer basket for 2025. The weights of the 12 divisions are adjusted annually in accordance with the European methodology. For 2025, the shares of the two largest expenditure items decreased, housing and energy dropped to 23.3% and food with non-alcoholic beverages to 21.2% (applies to the national inflation CPI methodology). On the contrary, recreation and culture significantly increased its share of household expenditure to 8.3%.
Average prices of specific goods
The Statistical Office of the SR publishes average consumer prices of selected items of goods and services from the consumer basket (including food)2) approximately 10 days after the publication of monthly inflation. Average prices are available in a data cube in the public database DATAcube. within the chapter 2.3.1.1 - Consumer price indices (the specific data cube is listed in the data sources at the end of this report). Data for February 2025 will be published on 26 March 2025.
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