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Slovakia Inflation January 2024

Slovakia: Harmonized inflation holds steady in January

Harmonized inflation held steady in January at December’s 6.6%. January’s reading was the joint-lowest result since December 2021, though the third-highest in the Euro area and more than three times above the ECB’s target of 2.0%. Looking at the details of the release, a softer increase in prices for food and non-alcoholic beverages, and housing and utilities offset prices for transportation growing at a stronger rate.

Still, the trend pointed down, with annual average harmonized inflation coming in at 10.4% in January (December: 11.1%). Meanwhile, consumer price inflation fell to 3.9% in January from December’s 5.9%.

Lastly, harmonized consumer prices rose 0.76% in January over the previous month, contrasting December’s 0.13% fall. January’s figure marked the sharpest increase in prices since March 2023 and was well above the Euro area’s average of minus 0.40%.

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