Year-on-year inflation reached 15.4% in February
15. mark 2023
Year-on-year prices of goods and services increased by 15.4% in February. According to the Statistical Office of the Slovak Republic, it is slightly more than in January. Higher prices were reflected in all twelve monitored expenditure groups of households, in five the year-on-year growth exceeded 12%. According to the office, the biggest impact on overall inflation is the continuously rising food prices in tandem with the increase in the prices of housing costs, including electricity, gas, heat, water and thermal energy. These are the two most important items in household expenses, which collectively make up half of household expenses.
Food prices have been continuously rising for the third year, in February they were 28.6% higher year-on-year, similar to the previous month. Price increases of more than a quarter were seen in seven out of nine food groups. Milk, cheese and eggs in particular were once again significantly more expensive by 37.1%, the growth of bread and cereal prices and meat also approached the level of 30%. Vegetables were more expensive by a quarter and soft drinks by almost a fifth.
The second biggest impact on household expenses was the increase in prices in housing and energy by 14.3%. This is the effect of the increase in energy prices every January, which is then reflected during the following twelve months. Thermal energy was more expensive by more than 20%, as well as materials and services related to home maintenance. The imputed rent, into which the increase in the prices of construction materials is reflected, dampened the year-on-year growth below 15%.
In the field of transport, prices increased by 8.3% year-on-year, also due to the increase in prices for the purchase of means of transport and especially transport services, where in February there was a year-on-year increase in bus transport prices by 18%. However, fuel prices were only 3.7% higher year-on-year in February, which is the lowest level of price increase last recorded in March 2021.
The prices of catering services, personal care products and services, as well as goods for pets and social services were also higher by a fifth. Prices for spa care services and at dentists also increased by more than 17%.