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Slovakia Inflation July 2023

Slovakia: Harmonized inflation recedes in July

Harmonized inflation dropped to 10.3% in July from June’s 11.3%. July’s result marked the lowest inflation rate since March 2022. The result was largely driven by softer growth in prices for food, housing and recreation.

Accordingly, the trend pointed down slightly, with annual average harmonized inflation coming in at 13.7% in July (June: 13.9%). Meanwhile, consumer price inflation fell to 9.7% in July, from the previous month’s 10.8%.

Finally, harmonized consumer prices dropped 0.24% from the previous month in July, contrasting June’s 0.23% increase. July’s result marked the weakest reading since July 2016.

On the outlook, analysts at the EIU commented:

“Although wages have been rising, an uncontrollable wage-price spiral is highly unlikely owing to falling real wages. Inflation will decelerate in the remainder of the forecast period, to under 2% by 2026.”

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