Slovenia’s consumer prices grow 2% y/y in May

Slovenia’s consumer prices grow 2% y/y in May
Annual growth rates of consumer prices, Slovenia / Slovenian Statistical Office
By bne IntelliNews May 31, 2018

Consumer prices in Slovenia increased 2% y/y and 1.2% m/m in May, with the largest upward impact on the annual inflation coming from higher prices of food fuels and energy, and on monthly inflation from higher prices of fruit, petroleum products and package holidays, the statistics office announced on May 31. Meanwhile, the 12-month average price growth was 1.3% against 0.9% in the same period of 2017.

Consumer prices in Slovenia will likely keep increasing mainly thanks to higher salaries and the improved employment rate. According to the International Monetary Fund's (IMF's) latest World Economic Outlook (WEO) report published on April 17, Slovenia’s CPI will reach 1.7% in 2018 and 2% in 2019. 

According to the latest statistical office data, in May against May 2017, goods prices increased by 1.6% and service prices by 2.8%. As regards goods, non-durable goods prices went up by 3.1%, while durable and semi-durable goods prices went down by 1.9% and 0.6%, respectively.

The largest upward impact on the annual inflation, of 0.6pp, came from higher prices of food which increased 3.6%, mostly from meat (by 7.3%), fruit (by 6.2%) and milk, cheese and eggs (by 2%). Another 0.6pp came from higher prices of fuels and energy; prices of liquid fuels increased by 12.9%, of diesel by 10.3%, of petrol by 5.1%, of solid fuels by 9.4% and of heat energy by 9%.

On the other hand, the annual inflation was pushed down by 0.2pp by lower prices of motor cars (by 4.3%).

Meanwhile, in May against April consumer prices went up, with a 0.4pp contribution from 28.8% higher prices of fresh fruit. In addition, 0.2pp came from higher prices of package holidays and petroleum products each. Prices of package holidays increased by 8.1%, of liquid fuels by 2.9%, of diesel by 3.5% and of petrol by 3.0%. 0.1pp each was contributed by higher prices of clothing (by 1.1%), footwear (by 3.1%), accommodation services (by 3.1%) and other price increases, the statistical office said.

There were no significant decreases in consumer prices in May.

Slovenia’s annual and average annual inflation in 2016 stood at 0.5% and -0.1% respectively, while at the end of 2015 both stood at -0.5%. According to preliminary data, in 2017, annual inflation was 1.7%.

Data

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