Annual inflation hit its third highest rate of the year in Slovakia in October, rising to 3.1%, data from the Slovak statistics office has shown.
This is the highest rate of inflation since January and February, the statistics body said, while on a month-on-month basis, inflation was up 0.7%.
The rise in inflation was ‘mainly influenced by rising prices of food and non-alcoholic beverages, as well as selected items such as water supply and sewerage from the divisions of housing and energy and miscellaneous services’, the group noted,
Month-on-month increases
On a month-on-month basis, consumer prices increased in 10 out of 12 segments. The most significant increases were observed in food and non-alcoholic beverages, with sharp price hikes in vegetables (up by 8.2%), oils and fats (up by 6.4%), and fruits (up by almost 5%).
Prices also increased for other food items, such as milk, cheese, eggs, bread, and cereals, though the increases were more moderate, capped at a maximum of 1.4%.
The housing and energy sector also saw price rises, notably for water supply, sewage, and maintenance and repair, while additional price hikes were noted in clothing and footwear, fuel, and food service activities.
At the same time, reductions were recorded in the prices of alcoholic beverages, particularly beer and wine, and seasonal price discounts were applied to accommodation services and package holidays.
Annual rise in inflation
On a year-on-year basis, meanwhile, prices rose in 11 out of 12 segments, the statistics body noted, with the most notable rise occurring in food and non-alcoholic beverages, which saw a 5% increase.
This was partly driven by a 30.5% increase in the price of in oils and fats, as well as significant price hikes in vegetables (up 13.3%), fruits (up 11.9%), and soft drinks (up 4.3%). In contrast, meat prices decreased slightly by 0.5%. The education sector experienced the largest year-on-year increase at 9.8%.
Although fuel prices fell by 9.5% year-on-year, this was offset by a 16.5% increase in other transportation costs, especially for transport services.
Overall inflation was also influenced by the continued effects of previous price hikes in areas such as education, alcoholic beverages, medical products, food services, personal care, and insurance. Read more here.
