Latest reading: Inflation fell to 19.8% in May from April’s 22.2%, marking a near two-year low. Resumed Central Bank intervention...
Inflation in Slovakia
In the year 2024, the inflation in Slovakia was 3.14%, compared to -0.10% in 2014 and 11.09% in 2023. It averaged 3.36% over the last decade. For more inflation information, visit our dedicated page.
Slovakia Inflation Chart
Note: This chart displays Inflation (HICP, ann. var. %, aop) for Slovakia from 2024 to 2023.
Source: Macrobond.
Slovakia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (HICP, ann. var. %, aop) | 2.8 | 2.0 | 2.8 | 12.1 | 11.1 |
| Inflation (CPI, ann. var. %, eop) | 3.0 | 1.6 | 5.8 | 15.4 | 5.9 |
| Inflation (HICP, ann. var. %, eop) | 3.2 | 1.6 | 5.1 | 15.0 | 6.6 |
| Inflation (PPI, ann. var. %, aop) | 2.5 | 0.9 | 5.5 | 43.3 | 5.3 |
Harmonized inflation declines in April
Latest reading: Harmonized inflation fell to 3.9% in April from March’s 4.2%, marking the weakest inflation rate since December 2024. Looking at the details of the release, prices for transportation dropped for the first time in six months amid declining oil prices. That said, food and non-alcoholic beverages costs increased at a faster pace, keeping inflation above the 2024 average. The trend pointed up mildly, with annual average harmonized inflation edging up to 3.4% in April (March: 3.3%). Meanwhile, consumer price inflation fell to 3.7% in April from the previous month’s 4.0%. Lastly, harmonized consumer prices increased 0.09% in April over the previous month, below March’s 0.28% rise.
Panelist insight: Commenting on the outlook, Marin Kocis, analyst at Erste Bank, stated: “This year's increase in prices is broadly distributed across various groups of goods and services, driven by the higher value-added tax (VAT) introduced as part of the consolidation package. A gradual pass-through of higher VAT and increased costs (e.g., the financial transactions tax) into consumer prices is still expected. An important factor influencing the development of inflation this year is the energy price cap reintroduced by the government, which has helped push inflation down while complicating consolidation efforts. In the months ahead, we anticipate a slight acceleration in year-on-year price growth.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak inflation projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Slovak inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak inflation projections.
Want to get access to the full dataset of Slovak inflation forecasts? Send an email to info@focus-economics.com.
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