Slovak inflation rose to 5.8% year-on-year in December, impacted mainly by rising food prices and construction materials. It posted the highest monthly inflation spike since December 2004, according to data released by the Slovak Statistics Office (SSO). Month-on-month, consumer prices increased by 0.2%.
On average the prices for food and non-alcoholic beverages rose by 5.8% y/y. The rise in prices in the housing and energy sectors reached 4.2%.
"The development was supported on the one hand by the continuing rise in prices of building materials in imputed rents (a y/y increase of 12.5%) as well as services for maintenance and repair of the dwelling (by 12.3%)," the statisticians said, as quoted by the Slovak News Agency.
Yearly inflation in 2021 increased to 3.2%, as a result of rapid growth in prices in 2H21. "Developments during 2021 were turbulent, while consumer prices grew by less than 1% in the first two months, their growth rate gradually increased,” said Stefan Adamec, Director of the SSO Department of Price Statistics, adding that since July, annual price growth was above 3% and in the last month of the year it approached 6%.