Slovakia Inflation March 2022

Slovakia

Slovakia: Inflation comes in at highest level since June 2000 in March

April 14, 2022

Consumer prices rose 1.70% over the previous month in March, accelerating from February's 0.90% rise. Looking at the details of the release, transportation prices rose at a quicker pace in March compared to the previous month and price pressures for housing and utilities picked up pace.

Inflation rose to 10.4% in March, above February’s 9.0%. March's figure was the highest inflation rate since June 2000. Annual average inflation rose to 5.2% in March (February: 4.5%). Lastly, harmonized inflation rose to 9.6% in March, from February’s 8.3%.

Erste Bank’s Matej Hornak commented on the reading:

“The inflation rate has been on the rise since the previous year, mainly driven by food and fuel prices, higher excise taxes on tobacco, imputed rents (a proxy for construction material prices) and a cancellation of the free lunch scheme. In January, the inflation rate skyrocketed due to new regulated energy prices for households and continuing pressure from commodities (especially food).”

FocusEconomics panelists project harmonized inflation to average 7.5% in 2022, which is up 2.5 percentage points from last month’s forecast, and 3.4% in 2023.


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Slovakia Inflation March 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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