Slovak Inflation Falls to 3.8%

Inflation in Slovakia eased slightly in May. According to the Slovak Statistical Office, consumer prices rose 3.8% year-over-year, slightly below the 3.9% inflation rate recorded in April. Compared to the previous month, prices rose by 0.4%.

Despite the slight decline, price pressures remain noticeable in several sectors. In particular, trends in energy and transportation costs continued to have a significant impact on the inflation rate.

According to the statisticians, although prices for food and non-alcoholic beverages rose in May compared to the previous month, they remained, on average, below the previous year’s level. Year-over-year, prices in this category increased by only 0.3%.

In the transportation sector, price growth slowed compared to April, but the sector remained one of the main drivers of inflation. Transportation prices were 9.4% higher than the previous year’s level—the sharpest increase since November 2022. The main cause was fuel prices, which rose by 19.7% year-over-year. This was the highest increase since October 2022 and was linked to higher energy prices resulting from tensions in the Middle East.

However, the housing and energy sector made the largest contribution to overall inflation. Prices in this sector rose by 6.7% year-over-year, while energy prices surged by as much as 28%. Prices for alcoholic beverages and tobacco products also continued to rise, although the rate of growth slowed to 3.7%.

On a month-over-month basis, food and non-alcoholic beverages rose by 0.6%, housing and energy by 0.5%, and transportation services by 1.0%.

For the period from January through May, the average inflation rate in Slovakia stood at 3.8% compared with the same period a year earlier.