Inflation is gaining momentum, prices in Slovakia are growing the fastest in 17 years – HNonline.sk

In September 2021, Slovakia recorded the highest inflation rate since 2004. In the past month, it rose by 5.1 percent year on year, compared with August, price growth accelerated by 1.8 percent. This is the result of a quick estimate released by Eurostat today for the eurozone countries.

The last time inflation was in our country was at a higher level in December 2004, when it reached 5.9 percent.

Across the euro area, inflation rates continued to rise in September from previous months, reaching 3.4 percent, the highest level in ten years.

In August, inflation in the euro area was three percent. Price growth thus again significantly exceeded the long-term goal of the European Central Bank, which is two percent. Data for the whole of the European Union do not contain an estimate, the Office will publish them in mid-October.

Energy is the biggest contributor to price growth, with year-on-year growth accelerating to 17.4 percent from 15.4 percent in August. This is followed by non-energy industrial goods with a year-on-year growth of 2.1 percent, followed by the category of food, alcohol and tobacco, where growth reached 2.1 percent. Services rose by 1.7 percent.

Source: Eurostat

Of the countries that have already provided data for September, Estonia has the highest inflation. According to estimates, prices there increased by 6.4 percent year-on-year. It is followed by Lithuania with price growth of 6.3 percent and Slovakia with estimated year-on-year inflation of 5.1 percent.