Slovak consumer prices up by 5.1% y/y in October

Slovak consumer prices up by 5.1% y/y in October
/ bne IntelliNews
By bne IntelliNews November 15, 2021

Slovakia´s consumer prices increased by 5.1% year-on-year in October, posting the largest growth in the past 13 years, driven mainly by 4.3% growth in food prices, the Slovak Statistics Office reported.

Monthly development of inflation has been affected mostly by the continuing growth in the prices of construction materials, and the lingering growth in the prices of fuels and food, up by 0.6% month-on-month. 

Prices in housing and energy accelerated growth from 2.6% in September to 3.5% in October.

The October consumer prices index posted a y/y increase at 5.2% in the category of employee households and 4.9% in both low-income households and households of pensioners. 

According to the European Commission's latest report, inflationary pressures have intensified recently, driven mainly by rising commodity prices and strong services inflation. 

“Strong price dynamics are forecast to persist in 2021, leading to an annual HICP inflation rate of 2.8%. As regulated energy prices are expected to rise at the beginning of 2022, quarterly inflation is assumed to decelerate only thereafter, bringing average annual inflation to 4.3% in 2022,” the EC report read. In 2023, inflation is expected to slow to 2.2%.