Slovenia's Annual Inflation Jumps to 8.1% in May, Monthly Rate 2%

By , 01 Jun 2022, 08:10 AM Business
Slovenia's Annual Inflation Jumps to 8.1% in May, Monthly Rate 2% CC-by-0

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STA, 31 May - Slovenia's annual inflation hit 8.1% in May, the highest rate since 2002, on the back of soaring fuel and food prices, the latest Statistics Office figures show. The monthly rate stood at 2%.

Liquid fuels were almost 43% more expensive than a year ago, contributing 1.9 percentage points to the headline rate. Food prices, having risen by more than 11%, added another 1.7 points.

Prices in other principal groups rose as well, most notably housing (+10.5%) and cars (+11.1%), respectively contributing 0.8 and 0.6 percentage points to the inflation rate.

The only major segments where prices went down were electricity, which was 15.8% cheaper, and telephone services, which were down 6.3%. Combined, they reduced headline inflation by almost a full percentage point.

At the monthly level inflation stood at 2%, largely due to prices of oil derivatives, clothing, footwear and food. Electricity, natural gas, heating and holidays were more expensive as well.

The harmonised index of consumer prices, an EU benchmark, rose by 8.7% at the annual level.

In its monthly report on the economic situation in Slovenia, the central bank said the effect of the Russian military aggression in Ukraine and the related sanctions on the Slovenian economy has been limited. "The shock is mainly reflected in high energy and raw material price hikes, which additionally power inflation through rising import prices," Banka Slovenije said.

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