Slovakia Inflation August 2022

Slovakia

Slovakia: Harmonized inflation comes in at highest level since June 2000 in August

September 16, 2022

Harmonized inflation increased to 13.4% in August, above July’s 12.8%. August's reading marked the highest inflation rate since June 2000. The increase was primarily due to increasing inflation for food and non-alcoholic beverages. In addition, price pressures for housing and energy rose at a quicker pace.

The trend pointed up, with annual average harmonized inflation coming in at 8.8% in August (July: 7.9%). Meanwhile, consumer price inflation rose to 14.0% in August, from the previous month's 13.6%.

Lastly, harmonized consumer prices increased 0.74% over the previous month in August, accelerating from the 0.65% rise logged in July.

On the inflation outlook, Matej Hornak from Erste Bank noted:

“Recent weeks revealed an easing of tensions in the [commodity] market due to recession fears, causing a gradual decline of (most) commodity prices, suggesting a peak in inflation in the summer months. For this year, we see consumer price growth above 12% on average.”

FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 11.1% in 2022, which is up 0.2 percentage points from last month’s estimate, and 7.0% in 2023.


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Slovakia Inflation August 2022

Note: Month-on-month and year-on-year variation of consumer prices in %.
Source: Statistical Office of the Slovak Republic (SOSR).


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