The annual inflation rate in Slovakia stood at 2.6% in September, new data from the country’s statistics office has found, a slight decrease on the previous month.
The annual increase was largely linked to higher prices for food and education, however this was offset by a lower price for fuel.
On a month-on-month basis, inflation rose by 0.1%, which was mainly driven by an increase in education fees and the cost of school meals. The 0.1% month-on-month increase is lower than in the previous two months, the statistics body noted.
Overall, for the first nine months of the year, consumer prices in Slovakia rose by 2.7%, year-on-year.
Factors affecting annual inflation
In September 2024, price increases were observed in 11 out of 12 household expenditure groups in Slovakia.
Education costs experienced the largest rise, up 10.9%, while food and non-alcoholic beverages saw a 3.1% increase. Among food categories, oils and fats rose by 25% year-on-year, while bread, cereals, milk, cheese, and eggs also saw price hikes, contributing significantly to inflation. Conversely, meat prices fell by 0.9%, marking the second drop this year.
Elsewhere, housing and energy costs showed minimal price growth at 0.8%, with rent, water, and maintenance costs increasing. Finally, transportation costs saw a significant decline due to fuel prices dropping by 13.5% year-on-year, although this was partially countered by a rise in transport services (14.9%) and equipment (1.4%).
Inflation was further impacted by price increases in other sectors, including alcoholic beverages, medical services and holiday tours.
Month-on-month increases
Slovakia saw month-on-month price increases in 7 out of 12 household expenditure groups, with rises ranging from 0.1% to 3.9%. The education sector experienced the largest increase in prices compared to August. Elsewhere, prices in healthcare, recreation and culture, and especially transportation, declined month-on-month.
Core inflation reached 2% in September and net inflation reached 1.6%, the statistics body added. Read more here.
