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%.
On average, in 2022, consumer prices increased by 12.8% year-on-year. Price increases significantly strengthened the last year, in 2021 the inflation reached 3.2% and has never exceeded 5% since 2005. The last year's annual inflation thus exceeded the previous maximum from 2000, when prices increased by 12%. Higher inflation was measured only in the first year of the existence of the independent Slovak Republic in 1993, when the inflation exceeded 23% (using a slightly different methodology than at present).
The high price increases were mainly due to the rise in prices of goods included into the two main expenditure groups of households in Slovakia – food and non-alcoholic beverages as well as housing and energy, which together cover 47% of expenditure.
In 2022, prices increased in all 12 main divisions of the consumer basket. The development was most affected by the significant increase in prices of food, energy and fuels.
In food, prices increased by 19.3%, but higher growth was reflected in all nine monitored groups of food products. The household expenditures were most affected by the overall increase in prices of meat by more than 18%, followed by milk, cheese and eggs, as well as bread and cereals, which grew by approximately 21% over a year. Prices of oils and fats rose most dynamically by more than 42%, but these are goods with a lower weight in the expenditures basket. Prices of fruits increased by 10% and vegetables by 20% compared to the average in 2021.
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In housing and energy, the year-on-year price increase of 15.5% was recorded. Such development was most significantly influenced by the increase in energy prices (electricity and gas) at the beginning of the year after the adjustments of regulated prices for households. In the second half of the year, it was accompanied by the accelerated rise in prices of wood in particular, therefore prices of solid fuels increased by a quarter in the whole year. The overall growth of housing expenditures was also influenced by the continued increase in prices of construction materials, which was reflected throughout the year in several housing items. For this reason, imputed rent rose by more than 18% and maintenance and repairs of the dwelling by almost 19%.
Fuel has the third most significant influence on the development of the inflation rate in 2022, it strengthened price increases in the transport sector. Their prices and values recorded a record growth, especially in the second quarter, when the month before the holidays recorded a rise by more than 40%. On average, in the whole year, fuel increased by 26%. People also had to pay by 8% higher prices when buying transport equipment.
During the year, prices in food and beverage service activities also increased by 17%, in March prices of postal services grew, and also prices of newspapers, books and stationery. Higher prices of personal care goods (drugstore) also affected a rise of the inflation. The increases in the range of 8% to 10% were also reflected in prices of selected services, such as services of dentists, medical personnel, veterinarians or hairdressing services.
On average, in 2022, the consumer price index increased in households of employees by 12.6%, low-income households by 13.1% and households of pensioners by 13.9%. The Statistical Office of the SR also realeses the information report on inflation in December 2022.
Development of core and net inflation for 2022
On average, in 2022, the total annual inflation rate reached 12.8%, core inflation reached a value of 12.5% and net inflation a value of 10.5%.
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.
