Slovak consumer prices grew by 4.6% year-on-year in September, the highest figure posted since November 2011, driven by higher prices of food (4.3% y/y) and fuels, the Slovak Statistics Office reported on October 14.
The housing and energy prices grew by 2.6% in September, up for the fifth consecutive month, mostly due to imputed rents, which reflect a price growth in construction materials.
Higher fuel prices have contributed to the overall y/y inflation since the spring, recording an increase of more than 20% for the fifth month in a row. “In January 2022, we expect double-digit increases in consumer prices for electricity and gas,” said Slovak central bank analyst Branislav Karmazin.
In month-on-month terms, consumer prices increased to the highest level since 2002, up from 0.4% in August to 0.8% in September. The highest impact on monthly inflation has been seen in the sector of hotels and restaurants.
In 9M21, inflation rose to 2.4% y/y.