Business News

Annual Inflation Rises to 2.9% (II)

Ljubljana, 29 February (STA) - Slovenia's annual inflation rate rose by 0.6 percentage points to 2.9% in February chiefly due to a hike in fuel prices. Consumer prices rose at a monthly rate of 0.6%, the Statistics Office said on Wednesday.

Prices of petroleum products soared by 5.6% in the first two month of the year, reaching new all-time highs in February. Heating oil now costs 86.6% more than five years ago and regular unleaded petrol is costlier by 50%.

This month the prices of liquid fuels rose by 2.9%, district heating prices went up by 2.8%, gas prices by 2.1% and electricity prices by 1.6%.

Dearer fuel also pushed up the prices of air passenger transport by 4.7%. Package holidays were costlier by 1.9%.

February also saw a marked growth in the prices of food and non-alcoholic beverages due to a 7.5% hike in the prices of vegetables and 5.5% dearer fruit.

Higher prices of petroleum products contributed 0.2 percentage points to inflation, while higher prices of fruit, vegetables, electricity and package holidays each added 0.1 point.

But lower prices of clothing and footwear (-0.9%) pushed the monthly inflation rate down by 0.1 of a percentage point.

Year-on-year, the highest price hikes were recorded in the group recreation and culture (6.8%), followed by housing, water, electricity, gas (5.3%), food and non-alcoholic beverages, alcoholic beverages and tobacco (3.9%).

Meanwhile, prices clothing and footwear decreased by 3.5% in the past 12 months.

Measured with the harmonised index of consumer prices, an EU benchmark, prices in Slovenia went up by 2.8% in the past twelve months.

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