CONFIRMED In Slovakia, record inflation reigns: The highest figures in 20 years! – Topky.sk

archive video The highest level since the beginning of the millennium! In August 2022, consumer prices recorded another month-on-month increase of 0.8%. The dynamics of their growth remained at the July level. However, year-on-year inflation has been growing relentlessly since January last year and has reached the highest level since the beginning of the millennium. Photo gallery (5) Source: Statistical Office of the Slovak Republic Prices rose month-on-month in 9 out of 12 branches (household expenditure groups). Rising food prices continued to have the most significant impact on the month-on-month change. The growth rate was maintained, as in July, at the level of 1.4%. Except for vegetable prices, which fell by 1.2% month-on-month, all other food items became more expensive. The prices of oils and fats were higher by 2.7%, milk, cheese, eggs and meat by 1.7%, bread and cereals by 1.5% and also sugar, chocolate and confectionery by 1.8%. The increase in prices in the area of ​​housing and energy by 0.9% was mainly influenced by the increase in costs for actual rent by 1.4% and imputed rent by 1.1%. Solid fuel prices rose sharply by 5.6% month-on-month. The prices of mobile operators are no exception. The prices of mobile operator services, recreational and cultural services, accommodation services, personal care, social services have also increased, and insurance prices have increased significantly. On the contrary, prices in restaurants and hotels grew more slowly than in previous months. Photo gallery (5) Source: Getty Images In August, the reduction in fuel prices by 5.9% also had a dampening effect on inflation, which pulled the entire group of goods in the transport sector into a slight negative. Overall, however, fuel prices grew by an average of 4.6% month-on-month in the first half of the year. In addition to the drop in transport prices, the prices of clothing and footwear were also lower. Prices in the field of education did not change month-on-month.
In August, compared to July, the consumer price index increased by 0.8% in the households of employees and in low-income households and in the households of pensioners. Year-on-year development – August 2022 compared to August 2021 The year-on-year inflation rate increased to 14% in August 2022. This is the highest level of inflation in over 22 years. Since May, the growth rate of inflation has been slowing slightly from month to month. During the eighth month of the year, prices increased in all monitored branches of the consumer basket, up to half of the total of 12 branches achieved year-on-year growth higher than a tenth.
The food and non-alcoholic beverages sector mainly contributed to the year-on-year increase in prices. Food was more expensive by 21.6% and soft drinks by 14%. Higher prices of bread and cereals by 24.5%, meat by 21.8%, milk, cheese and eggs by 22.9%, fruit by 11.8% and vegetables by 15.9% had the greatest impact on inflation. Oils and fats, whose representation in the consumer basket is not that significant, rose in price by more than half year-on-year. Housing and energy The rising prices in housing and energy had a significant impact on further rising inflation, when prices were 16.3% higher year-on-year during August. The growth in energy prices from the beginning of the year was driven by even higher solid fuel prices in August, with a year-on-year increase of 28.5%. The imputed rent was 19.4% more expensive. Photo gallery (5) Source: Getty Images In the field of transport, prices were higher by 18.1%. The pace of growth in this sector was influenced by fuel, which has become cheaper for the second month in a row. Nevertheless, they were almost a third more expensive year-on-year. Restaurants and hotels Prices in restaurants and hotels rose by 19.9% ​​during August. Goods and services in the personal care group (e.g. hairdressing services), which were 11.8% higher year-on-year, also became more expensive.
In August 2022, the consumer price index increased year-on-year for households of employees by 13.9%, for low-income households by 14.4%, and for households of pensioners by 15.1%. Photo gallery (5) Source: Getty Images In summary for the eight months of 2022, consumer prices increased by 11.6% year-on-year on average (for households of employees by 11.6%, for low-income households by 11.7%, for households of pensioners by 12.6%). Development of core and net inflation With August’s aggregate annual inflation rate of 14%, core inflation reached a value of 13.8% and net inflation a value of 11.6%. Month-on-month, core inflation reached 0.9% and net inflation reached 0.7%. Core inflation tracks price level growth after excluding the impact of changes in regulated prices (e.g. energy prices) and other administrative measures (e.g. tax adjustments, etc.). Net inflation is core inflation without changes in food prices.