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Inflation – consumer price indices in December 2022
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Inflation – consumer price indices in December 2022

Last update: 13.01.2023
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 13.01.2023

In December, inflation remained at 15.4%, the Christmas rivalry of traders led to the lowest month-on-month growth of the year

The most of Slovak household expenditures, including food and housing, slowed down the growth rate of prices during December. A slight bonus before Christmas was a decrease in prices of fuel, alcoholic beverages, fruits, vegetables, as well as oils and fats, compared to November. In a year-on-year comparison, however, these are still records, food prices increased by 29% and housing-related items by almost 17%.

In December 2022, consumer prices of goods and services were by 0.2% higher month-on-month, which represents the lowest month-on-month increase in prices this year. On average, prices rose by 1.2% month-on-month since January. Year-on-year, inflation has been growing without a break since January of the last year and stopped at 15.4% in November and December.

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Monthly development - December 2022 compared to November 2022

Prices rose month-on-month in 9 out of 12 divisions (household expenditure groups). Food products continued to have the most significant impact on inflation. In December, a month-on-month growth of their prices continued by 1.2%. Prices of milk, cheese, eggs rose most significantly by 4.2% (especially eggs by 11%), bread and cereals by 1.8% and meat by 0.6%. On the contrary, compared to the previous month, prices of fruit decreased by 1.7%, oils and fats by 1.3% and vegetables by 0.5%.

In the division of housing and energy, prices rose by 0.5% just as in November. Under the long-term influence of prices of building materials, the imputed rent increased again, and concerning the energy sources, prices of solid fuels continued to increase by 3.3%.

On the contrary, a considerable reduction in prices, i.e. by 10%, was recorded in fuels.

In December, compared to November, the consumer price index increased by 0.2%, in households of employees by 0.3% in low-income households and by 0.4% in households of pensioners.

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

In a year-on-year comparison, prices of goods and services were higher by 15.4%, just as in November. However, it is still the highest level in more than 22 years.

An increase was recorded in all monitored expenditure groups (divisions) of households, 5 divisions reached a year-on-year price increase of more than 12%.

Long-term rising food prices and housing costs, including electricity, gas and other fuels, have the most significant impact on the overall inflation. These are the two most important items in household expenditures, they cover almost half of the expenditures in total.

Food prices have been rising continuously since June last year and in December 2022 they increased by 29% year-on-year. A price increase of more than 24% was recorded in only 7 out of 9 food groups. Prices of bread and cereals rose by 26.2%, meat by 30.1% and milk, cheese and eggs by up to 37.7%. However, prices of vegetables and fruits also remained significantly more expensive.

In the division of housing and energy, prices rose by 16.8% year-on-year. This value was affected by an increase in electricity and gas prices at the beginning of the year, which is reflected in inflation throughout the year. In December, current prices of solid fuels increased by more than 48% year-on-year, and prices of thermal energy rose by almost 20%. The long-term impact of an increase in prices of building materials was reflected in prices of rent and repairs and maintenance of dwellings, as well as in imputed rent.

Prices in the division of transport were affected by gradual reducing of fuel prices and increased only by 7.9% year-on-year in December. It was a much lower rate of price increase than during the first six months of the year, when prices in this division rose by 23.7% in June.

In December 2022, the consumer price index increased, year-on-year, in households of employees by 15.1%, low-income households by 16.2%, and households of pensioners by 17%.

In total, for the year 2022, consumer prices increased by 12.8%, year-on-year, on average (in households of employees by 12.6%, low-income households by 13.1%, households of pensioners by 13.9%). The Statistical Office of the SR also realeses the information report on avarege annual inflation.

Development of core and net inflation

In December, the total year-on-year inflation rate was 15.4%, core inflation reached a value of 15.9% and net inflation a value of 12.1%. Month-on-month, core inflation reached a value of 0.2% and net inflation reached a value of -0.1%.

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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