Inflation in Slovakia
Harmonized consumer price inflation averaged 3.4% in the ten years to 2024. The 2024 average figure was 3.1%. For more inflation information, visit our dedicated page.
Slovakia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Slovakia from 2014 to 2024.
Source: Macrobond.
Slovakia Inflation Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Inflation (HICP, ann. var. %, aop) | 2.0 | 2.8 | 12.1 | 11.1 | 3.1 |
Inflation (CPI, ann. var. %, eop) | 1.6 | 5.8 | 15.4 | 5.9 | 2.9 |
Inflation (HICP, ann. var. %, eop) | 1.6 | 5.1 | 15.0 | 6.6 | 3.2 |
Inflation (PPI, ann. var. %, aop) | 0.9 | 5.5 | 43.3 | 5.3 | -10.1 |
Harmonized inflation increases to over one-year high in June
Latest reading: Harmonized inflation rose to 4.6% in June, from May’s 4.3%, marking the highest inflation rate since December 2023 and remaining the highest in the Euro area. Looking at the details of the release, prices for food, transportation and accommodation rose at a faster pace. Meanwhile, price growth for recreation plus housing and utilities waned. The trend pointed up slightly, with annual average harmonized inflation coming in at 3.7% in June (May: 3.5%). Meanwhile, consumer price inflation ticked up to 4.3% in June from May’s 4.1%. Lastly, harmonized consumer prices rose 0.27% in June over the previous month, moderating from May's 0.52% rise.
Panelist insight: Commeting on the outlook, Marian Kocis, analyst at Erste Bank, stated: “A gradual pass -through of higher VAT and rising costs, such as the financial transactions tax, into consumer prices is still expected. A key factor influencing inflation developments this year is the government’s reintroduction of the energy price cap, which has helped bring inflation down, albeit at the cost of complicating fiscal consolidation efforts. We expect that inflation reached its peak for the year in June. In the second half of the year, we anticipate a moderate slowdown in the year-on-year pace of price growth, although inflation is likely to remain near 4% during the summer months.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak inflation projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Slovak inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak inflation projections.
Want to get access to the full dataset of Slovak inflation forecasts? Send an email to info@focus-economics.com.
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