The growth of Slovenia's annual inflation in October slowed by 0.6 of a percentage point (pp) from the previous month to 6.9% (chart), statistics office, SURS, data showed on October 30.

The most significant driver of annual inflation, accounting for 1.3 pp, was the 7.3% increase in prices of food and non-alcoholic beverages. This was closely followed by a contribution of 0.8 pp from a substantial 24.3% surge in electricity prices. Additionally, the 7.1% rise in prices within the recreation and culture category added 0.7 pp to the inflation rate.

Conversely, the inflation rate experienced downward pressure, with both cheaper solid fuels (down by 14.1%) and a decrease in the purchase of vehicles (by 2.7%) each contributing a reduction of 0.2 pp.

Month on month, Slovenia’s consumer prices edged up by 0.2% in October, after ticking up 0.3% in September.

At a monthly level, the ongoing disruptions in stores continued to exert influence on the prices of clothing and footwear within the group, leading to a 2.5% increase. This contributed to a 0.2 pp rise in the inflation rate.

Additionally, higher prices were observed in other sectors, with fresh fruit seeing an 8.4% surge, liquid fuels increasing by 5.7%, diesel by 3.9%, pharmaceutical products by 2.3%, and miscellaneous goods and services by 0.9%, each contributing an additional 0.1 pp to the inflation rate.

Measured with the harmonised index of consumer prices (HICP), the annual growth of consumer prices in October was 6.6%, against inflation of 10.3% in the same month in 2022. On a monthly level HICP moved up 0.7%.

In the first ten months of the year, the inflation in Slovenia was 8.1%.

The average annual inflation in 2022 was 8.8% vs. 1.9% in 2021.