Slovak inflation eases to 3.4% in February

Slovak inflation eases to 3.4% in February
/ bne IntelliNews
By Albin Sybera March 18, 2024

Consumer price indices in Slovakia increased by 3.4% year-on-year in February and by 0.5% month-on-month.

It is the lowest inflation level in over two years and was down by 0.5 percentage points on the January level.

“The slowdown in growth was particularly manifested in the division of food, but higher prices of alcohol and tobacco prevented a significant slowdown in price increases,” the country's statisticians highlighted.

Inflation in Slovakia peaked at the turn of 2022 and 2023, when it stayed above 15% y/y for four months.

In y/y terms, prices of food and non-alcoholic beverages increased by 3.3%. “The pace of their price increase slowed sharply, and for the first time since November 2021, it was more moderate than the overall growth of consumer prices”, a statistician’s report stated. Except for fruit, where double-digit growth was registered, the price slowed down among all components.

The main impact on the m/m growth came from the transportation sector, which is largely comprised of fuel, where the prices increased by 4.5% m/m, followed by alcoholic beverages and the tobacco sector (+6.4%).

Energy and food prices with non-alcoholic beverages increased only by 0.1%. Prices of fruits, vegetables, sugar, confectionery, oils, and fats declined.

Inflation increased by 3.7% y/y from January to February.