In January, inflation rose to 4%, primarily fuelled by increased housing and energy costs as well as food prices

In January, consumer prices increased both month-on-month and year-on-year. Inflation was predominantly affected by a sharp rise in housing and energy costs, as well as higher food prices. Prices for catering and recreational services also remained notably high. Fuel prices decreased both month-on-month and year-on-year. Consumers were pleased by the New Year sales, resulting in a slight month-on-month drop in clothing and footwear prices.

In January, consumer prices of goods and services rose by 1.8% month-on-month, marking the highest month-on-month increase in the past three years. January´s inflation is traditionally affected by tax adjustments to taxes and changes in regulated prices, which usually take effect at the beginning of the year. A deteriorated January result was recorded in 2023 and 2022 (up to 3%). At the same time, it represents the third highest month-on-month price surge in month-on-month over the past 15 years.

Inflation in year-on-year comparison reached 4.0%, marking its highest point since September 2025 (4.3%).

Currently, as of January 2026, prices have been affected by an increase in value added tax (VAT) on food items high in sugar and salt, as well as by changes in regulated energy prices.

At the same time, a new classification system COICOP 2018/ECOICOP Rev. 2 has been incorporated into the Inflation – Consumer Price Indices statistical products; since January 2026, the consumer basket has been divided into 13 divisions (until the end of 2025 there were 12), 48 groups (until the end of 2025 there were 44), and 118 classes (until the end of 2025 there were 101). At the same time, the names of the consumer basket structures have been updated, and miscellaneous goods and services have been added, relocated, or removed.

Month-on-month development – January 2026 compared with December 2025

In January, consumer prices increased month-on-month in 11 out of a total of 13¹⁾ divisions (household expenditure groups), ranging from 0.1% for furnishings and routine household maintenance to 4.4% for housing and energy. Prices decreased month-on-month in 2 divisions, i.e. clothing and footwear by 0.6% and transportation by 0.2%.

The month-on-month rise in inflation was primarily driven by a significant increase in prices within the housing and energy division (+4.4%) which has the highest share in household expenditure in Slovakia. As of 2026, it represents less than 22%. In January, energy prices increased by more than 10% due to adjustments in regulated energy prices. Prices rose in double digits for heat (class: energy for heating and cooling) by 28.2%, gas prices increased by 6.6%, and electricity by 4.8%. Water supply and sewerage charges also rose by more than 2%.

Food and non-alcoholic beverage prices rose dynamically (+2.5%), forming the second largest item in the expenditure structure of Slovak households (with a 21% share). Food prices in the first month of the year increased month-on-month by an average of 2.4%. As many as 7 out of 9 food product groups became more expensive. The most significant increases were recorded in fruit and nuts by 9.4%, vegetables²⁾ by 7.1%, and, as expected, sugar and confectionery by 4%. Prices of cereals, including bread³⁾, fish, and ready-made meals⁴⁾ rose by up to 2%. Consumers spent less on meat⁵⁾ as well as oils and fats compared to the previous month. In the prices of non-alcoholic beverages⁶⁾, the introduction of the sugar tax was reflected in a higher VAT rate on added sugar. All 7 components of non-alcoholic beverages⁶⁾ recorded higher prices than in December. The sharpest month-on-month increases were observed in soft drinks, by almost 10%, as well as in tea and tea-related products.

In January, prices of alcoholic beverages also increased (+4%). All items in the alcoholic beverages division became more expensive, with wine recording the highest increase (+6.5%).

 The overall month-on-month inflation was also influenced by price increases in smaller-weight sectors, such as recreational services within recreation, sport and culture (+1.1%) and catering services within catering and accommodation services (+0.8%).

A dampening effect on inflation came from lower prices of motor fuels and air transport within transportation, while consumers benefited from New Year sales, which brought a slight decrease in prices of clothing and footwear.

Year-on-year development – January 2026 compared with January 2025

Inflation, i.e. the growth of prices in year-on-year comparison, reached 4% in January. It returned to the 4% level after three months. Compared with January 2025, prices were higher in 12 of 13 divisions (household expenditure groups), ranging from 0.5% in the information and communication⁶⁾ division to 7.1% in the restaurants and hotels division. Lower prices compared with January 2025 were recorded only in the transportation division⁶⁾ (-1.8%).

The most significant impact on the year-on-year inflation growth came from the two largest items in the expenditure structure of Slovak households – housing and energy (+6.1%) and food and non-alcoholic beverages (+3.9%).

Due to regulatory measures, the prices of all housing-related energy sources were higher than a year ago. Prices of thermal energy increased year-on-year by more than 25%, gas prices rose by 6.7%, and electricity prices by 4.9%. Both imputed and actual rents along with dwelling maintenance costs also increased. Prices of housing-related services such as water supply and sewage were higher than a year ago (by up to 13%).

Food prices (+3%) also had an adverse impact on overall inflation, with as many as 8 out of 9 food items becoming more expensive year-on-year. The most dynamic price increases, exceeding 4%, were recorded for cereals and cereal products³⁾, milk and eggs, and fruit and nuts. Price increases of up to 3% were observed for meat, vegetables including potatoes, sugar and confectionery, as well as prepared foods and fish. Oils and fats recorded slightly lower year-on-year prices (-0.4%). Non-alcoholic beverage⁶⁾ prices rose by 13.7% year-on-year, mainly due to higher coffee prices (+25.8%). Prices of soft drinks, as well as other non-alcoholic beverages including energy drinks and syrup concentrates, also increased by over 10%.

Inflation continued to be affected, as in the previous months, by year-on-year higher prices also in proportionally smaller sectors. Price growth in the catering and accommodation services division reached 7.1%, which was lower than in previous months. Two structures dominated within this division, namely dining in restaurants and in canteens. The overall year-on-year inflation rate was further affected by 5.9% higher prices in the recreation, sport and culture⁶⁾ division. The most significant year-on-year growth was recorded in recreational services and goods, as well as in organized holiday tours.

On the other hand, transportation prices contributed to easing inflation, driven mainly by over 8% lower fuel costs and reduced air transport prices.

Development of core and net inflation

In January, the year-on-year inflation rate was 4%, both core inflation reached 2.9% and net inflation reached 3.1%. On a month-on-month basis, core inflation recorded 0.7%, while net inflation stood at 0.6%.

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.

New consumer basket for 2026

The Statistical Office of the Slovak Republic, together with price changes, also adjusts the weights of individual divisions in the structure of the consumer basket every January. For 2026, the weights were revised according to household consumption in 2024 in line with international methodology. At the same time, following the implementation of the new COICOP 2018 classification, the consumer basket is divided into 13 divisions (until the end of 2025 it consisted of 12 divisions).

Under the national CPI inflation methodology, the shares of the two largest items in household expenditure decreased. Housing and energy currently represents 21.8% of household expenditure (last year it was 23.3%). Food and non-alcoholic beverages account for 21.0%, while last year their share was 21.2%. A comparison of the consumer basket structures for 2025 and 2026 is provided in the document Comparison_consumption_expenditure_structure_CPI_2025_2026 (ZIP 15,5 kB).

Supplementary statistical outputs on the topic of Inflation

The Statistical Office of the SR publishes additional supplementary data on national inflation 10 days after the first publication of the total monthly inflation, approximately around the 26th day of the month. Structured data are available in the public database DATAcube. within the Chapter 2.3.1.1 - Consumer Price Indices. Data for January 2026 will be published on February 26, 2026. 

These are outputs on the topics:

• changes in consumer prices for specific social groups (households of pensioners, employees, low-income households)
• average consumer prices of selected specific goods and services from the consumer basket (including food)⁷⁾.