Inflation in Slovakia

Slovakia Harmonized Inflation | Economic News & Forecasts

Slovakia - Harmonized Inflation

Inflation comes in at highest level since June 2000 in July

Consumer prices rose 0.80% in July over the previous month, slowing down from June's 1.20% increase. July's result marked the weakest reading since December 2021. The slowdown was largely due to slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities grew at a slower pace.

Inflation rose to 13.6% in July, following June’s 13.2%. July's reading represented the highest inflation rate since June 2000. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.7% in July (June: 7.8%). Finally, harmonized inflation ticked up to 12.8% in July, from June’s 12.6%.

On the recent softening of inflation and its outlook, Matej Hornak from Erste Group noted:

“[…] recent weeks revealed an easing of tensions in the market due to recession fears, causing a gradual decline of the (most) commodity prices, suggesting a peak in inflation in the summer months. For this year, we see consumer price growth at 11.4% on average.”

FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 10.9% in 2022, which is up 0.8 percentage points from last month’s estimate, and 6.3% in 2023.

Slovakia - Harmonized Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (HICP, annual variation in %)-0.3  -0.5  1.4  2.5  2.8  

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Slovakia Harmonized Inflation Chart


Slovakia Inflation
Note: Annual variation of harmonized index of consumer prices (HICP) in %.
Source: Slovakia Statistical Office (SOSR) and FocusEconomics calculations.

Slovakia Facts

Value Change Date
Bond Yield0.13-4.12 %Dec 31
Exchange Rate1.120.65 %Dec 31

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