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Inflation in Slovakia continued to rise in April

Christian Fernsby |
Year-on-year inflation rose to 11.8% in April 2022.

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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.

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%.

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 %).

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.

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