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Inflation – consumer price indices in April 2022
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Inflation – consumer price indices in April 2022

Last update: 13.06.2022
Ilustračný obrázok
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 13.05.2022

Inflation continued to rise in April, due to higher prices of food, fuel and energy and transport services

Year-on-year inflation rose to 11.8% in April 2022. There was a month-on-month growth by 1.5%, mainly due to high prices of food, fuels, energy and transport services.

The overall rise in inflation was influenced by rising food prices (by 2.6% month-on-month and by 14.3% year-on-year), compared with April 2021 mainly by prices of oils and fats, vegetables, bread and cereals, milk, cheese and eggs, and meat. For housing and energy (January increase in regulated prices of electricity, gas, heat) also a gradual increase in prices for water and solid fuels. Inflation also continued to be supported by higher fuel prices.

Month-on-month development – April 2022 compared with March 2022

Consumer prices rose by 1.5% month-on-month, in 10 of the 12 main components (divisions) of the consumer basket, prices in education remained unchanged, prices for post and communications dropped slightly. In particular, prices of food and non-alcoholic beverages increased by 2.4%, food by 2.6% and non-alcoholic beverages by 0.4%. In food, prices of meat increased by 5.6%, oils and fats by 3.3% (butter by 3.5%), vegetables by 2.9%, bread and cereals by 2.3% and milk, cheese, eggs by 2%. Fruit prices dropped by 0.9%.

In housing and energy all items continued to increase, imputed rents (taking into account the costs of own housing) by 2.3%, energy prices increased mainly for solid fuels by 1.4%, thermal energy by 0.3% and water supply by 0.5%. Higher prices were also maintained for maintenance and repairs of the dwelling by 1.6%.

In transportation, prices of transport services increased significantly by 13.4%, fuels by 3.5%, purchase of means of transport by 1%. Prices of newspapers, books and stationery also increased by 1%, but also in restaurants and cafés by 1%, personal care by 1.6% and insurance by 1.7%.

In April compared to March, the consumer price index increased in households of employees by 1.5%, in households of pensioners by 1.5%, in low-income households by 1.4%.

Year-on-year development – April 2022 compared to April 2021

In April 2022, year-on-year inflation reached 11.8%. Increasing prices in all 12 divisions monitored affected its growth. Prices of the two most important expenditure items of the Slovak households - food and also housing and energy - grew at a double-digit rate.

Food prices were up by 14.3% year-on-year. Food was more expensive year-on-year in all nine monitored food items, prices of oils and fats rose most significantly by 29.8%, vegetables by 26.2%, bread and cereals by 16.4%, milk, cheese and eggs by 13%, meat by 12%. In non-alcoholic beverages, prices for coffee, tea and cocoa increased by 12.6%, as well as for mineral waters, soft drinks and juices by 7.6%. Food (including soft drinks) is the second most important item in Slovak household expenditure.

Housing and energy represent the largest share of Slovak household expenditure, at 15.7% in April, but households paid more not only for energy or rent (imputed rent by 19.7% as the highest value this year), but also for services (maintenance and repair of dwellings by 19.2%). In case of energy (electricity and gas), the impact of price adjustments within regulated network industries in January is still reflected; in April, prices of heat energy rose by 15.4%, solid fuels by 14.3% and water supply by 2%.

Within transport, fuels increased by 31.2%, transport services by 18.6% and the purchase of transport equipment by 3.7%. Wine was by 6.3% more expensive in alcoholic beverages. Prices of services also increased, goods and services for routine household maintenance by 9.5%, outpatient services by 7.1% but also medical products by 2.9%, recreational, cultural goods and services by 7.3%, food and beverage service activities by 11.7%, prices of personal care by 8.7%, insurance by 5.1% and social services by 4.9%.

In April 2022, the consumer price index increased year-on-year in households of employees, low-income households equally by 11.7%, in households of pensioners by 12.7%.

In total, in the four months of 2022, consumer prices increased on average by 9.9% year-on-year (in households of employees, low-income households equally by 9.8%, in households of pensioners by 10.7%).

Development of core and net inflation

In April, the total year-on-year inflation rate was 11.8%, core inflation reached 11.1% and net inflation 10.2%. Month-on-month, core inflation reached 1.7% and net inflation 1.5%.

Core inflation follows the rise in the price level after excluding the impact of changes in regulated prices (e.g. prices of energy) 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 SO 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:

First release – Data on consumer price indices (national inflation/CPI) are released around the 13th to 15th day of the following month after the end of the reference period.

Current: The Information report (IR) of Development of consumer price indices in April 2022(reference period April 2022) released on 14th June 2022 is stored in the Catalogue of informative reports. Data are available in the form of tables in DATAcube. databases (the list of specific data cubes under the text of the IR).

First release – Data on Harmonised Indices of Consumer Prices (HICP) for the EU are released on a monthly basis usually a few days after the national CPI inflation. This is inflation according to the EU's uniform methodology to ensure price comparability between countries. Consumer baskets differ in part, the HICP, unlike the CPI, does not include the components "Imputed rents" and selected items related to major repairs and household maintenance, which results in some differences in the weights of the components.

Current: The information report Harmonised indices of consumer prices in May 2022 will be published on 18th May  2022 (stored in the Catalogue of informative reports). Eurostat releases the report on HICP on same day on its website.

Electronic publication Consumer price indices in the SR was cancelled. All more detailed data on the topic inflation will be available in the DATAcube. database on 23rd May 2022 in part 2. Macroeconomic statistics/2.3 Consumer prices and prices of production statistics. Also e.g. data on inflation are available by social groups of population (for households of employees, pensioners, low-income households) in time series.

Responsible person: Director of the Price Statistics Department Ing. Štefan Adamec

The SO SR releases the chart “Structure of Household Expenditures”, which presents the consumer basket valid for 2022. It includes how much money the household spends on specific expenditure groups of products and services in everyday life. To understand the structure of household expenditure is an essential component of setting the amount of inflation (price increase), because it determines the weights of expenditure items for its calculation.

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