October´s inflation continued to decrease, reaching 7.1%
The slowdown in the growth rate of prices in October was most affected by food items, the rate of their year-on-year price increase dropped for the first time since March 2022 to a single-digit value, below 9%. Compared to September, some food items became slightly more expensive, and university fees were also higher. However, fuel prices decreased, not only year-on-year, but also month-on-month after four months.
More in the information report: Inflation – consumer price indices in October 2023
Inflation reached 8.2% in September and has been decreasing gradually since March
In September, a slowdown in price growth rate continued to be reflected in the most significant components of household expenditures: prices of food currently rose by only 11.3%, housing by 6.5%. However, prices slightly jumped month-on-month, under the influence of increasing school and health fees, prices of services of telecommunication operators, as well as fuel prices.
More in the information report: Inflation – consumer price indices in September 2023
Inflation continues to decrease, reaching 8.9% in August
This year, for the first time month-on-month, the prices of all food items became lower, especially seasonal vegetables and fruits, but this decrease was balanced by a significant increase in the price of fuel in August. Consumer prices of goods and services thus maintained the average July level in August. Year-on-year growth in food prices continued to slow down to 13.6%.
More in the information report: Inflation – consumer price indices in August 2023
At the beginning of the summer, inflation decreased to a single-digit value after more than a year
Prices of food, especially vegetables, milk, cheeses and eggs decreased month-on-month. Prices of clothes and shoes also fell due to sales during July. On the contrary, prices of gasoline and holidays increased. In a year-on-year comparison, the growth rate of food prices continued to slow for the fifth month to the July value of 16.5%.
More in the information report: Inflation – consumer price indices in July 2023
Moderation of inflation growth continues, it was at the level of 10.8% before the summer
Growth in June was mainly influenced by a faster decline in fuel prices by almost 19%, food prices rising below 20% and housing with energy and services below 10%. The positive thing is that the month-on-month increase in food prices has stopped for the first time since August 2021.
More in the information report: Inflation – consumer price indices in June 2023
Consumer prices dampened growth for the third consecutive month, inflation dropped to 11.9% in May
The slowdown in inflation growth in May was mainly influenced by the re-introduction of lunch subsidies in schools and kindergartens, as a result of which the prices of catering were significantly lower. The decline in fuel prices accelerated, their prices were lower by almost 15%, year-on-year. Price increase of food dropped to 22% and housing with energy and services to 11%, which was the lowest value since January 2022.
More in the information report: Inflation – consumer price indices in May 2023
In April, inflation dropped to 13.8%
The growth dynamics of consumer prices started to slow down after two years, in April this trend was finally also reflected in the food division. The level of price growth in housing and energy has returned to the values of January last year, fuel prices are one tenth cheaper than a year ago.
More in the information report: Inflation – consumer price indices in April 2023
In March, inflation growth slowed significantly, reaching a value of 14.8%
Despite the slowdown in the growth rate of overall inflation, food prices again approached the previous maximum from December at the level of 29%. The cost of housing, energy and housing-related items slightly decreased reaching the levels recorded at the beginning of 2022. Fuel prices dropped year-on-year to deflation value for the first time in two years.
More in the information report: Inflation – consumer price indices in March 2023
Inflation in February reached the highest number in recent years- 15.4% for the third time in the last four months
The year-on-year increase in food prices, as the main cause of inflation, was stabilized at a value below 29%, their month-on-month price growth slowed below 2%. The January´s adjustment of energy prices, especially heat and gas, will also affect the rate of housing price increases throughout 2023, which, however, were dampened by significant state aid.
More in the information report: Inflation – consumer price indices in February 2023
Although, price growth in January 2023 moderated, it still remained above 15%
In the beginning of 2023, the prices of food, as well as housing with energy, moderated their year-on-year growth, but their values remained high. Food was more expensive by 29% and housing and energy by 14%. Traditionally, January's highest price increases of the year were reflected in the consumer basket. Dentists' services, fees for education and institutional catering have also become more expensive. Inflation was pushed down, but fuel prices are continuing to decrease.
More in the information report: Inflation – consumer price indices in January 2023
Inflation 2022: Validation of inflation rate in 2022
The Statistical Office of the SR releases also The official validation of the average annual inflation rate in 2022 (only in Slovak version), which is available including the validations for the previous years in the section Služby – Potvrdenie pre infláciu a priemernú mesačnú mzdu.
In 2022, the average inflation reached a level of 12.8%
The high price increases were mainly influenced by the rise in energy prices and the record increases in food and fuel prices in the recent history of the Slovak Republic. The increase in prices of selected foods for daily consumption - bread, dairy products, eggs, as well as vegetables - exceeded 20%, and oils and fats, which are less important by weight, exceeded 40%.
More in the information report: Inflation – consumer price indices in 2022
