Slovakia: Inflation comes in at highest level since June 2000 in July
August 15, 2022
Consumer prices rose 0.80% in July over the previous month, slowing down from June's 1.20% increase. July's result marked the weakest reading since December 2021. The slowdown was largely due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities grew at a slower pace.
Inflation rose to 13.6% in July, following June’s 13.2%. July's reading represented the highest inflation rate since June 2000. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.7% in July (June: 7.8%). Finally, harmonized inflation ticked up to 12.8% in July, from June’s 12.6%.
On the recent softening of inflation and its outlook, Matej Hornak from Erste Group noted:
“[…] recent weeks revealed an easing of tensions in the market due to recession fears, causing a gradual decline of the (most) commodity prices, suggesting a peak in inflation in the summer months. For this year, we see consumer price growth at 11.4% on average.”