Slovak inflation eased further to 2.3% in March

Slovak inflation eased further to 2.3% in March
/ bne IntelliNews
By Albin Sybera April 16, 2024

The consumer price index in Slovakia increased by 2.3% year-on-year and by 0.1% month-on-month in March.

The inflation rate continues to ease further this year and is down on 3.4% y/y growth in February and 3.9% in January. It is also the lowest inflation rate since the early summer 2021, while m/m growth also continues to slow down.

“In the y/y comparison, alcohol, fuel, as well as goods and services for household maintenance, such as cleaners contributed to inflation. The price increase of food and energy prices almost completely stopped,” Slovak statisticians highlighted.

Prices in the alcohol and tobacco sector increased by 19% y/y, including the 9.1% spike in tobacco prices as a result of the new consumption tax. Fuel prices in the transportation sector grew by 5.1% in a second consecutive monthly increase. Prices in the housing and energy sectors were nearly stagnating, and prices of food were up by 0.6% after being up by 29% last March.

In m/m terms, thermal energy price growth (2.5%) and imputed rent (0.4%) were the most impactful growth drivers in the housing and energy sector. Food prices dropped by 0.5% in the first price drop registered since summer 2023, while price decreases were also recorded in alcoholic beverages and tobacco.

Overall, in the first three months of 2024, inflation increased by 3.2% y/y.