Business News

Annual Inflation Rises to 2.9% in August (II)

Ljubljana, 31 August (STA) - Slovenia's annual inflation rate rose by 0.5 percentage points to 2.9% in August, while consumer prices were up 0.7% over the month before, data from the Statistics Office show on Friday. Consumer prices increased by 1.8% in the first eight months, compared to 1% in the same period last year.

At the monthly level, price hikes were highest in education, standing at 4.5%, with pre-school education prices going up 10.2%.

In transport prices were up by 2.6%, pushed up mostly by a 6.7% increase in fuel prices, which contributed 0.5 points to monthly inflation. Air travel and other transport services were also more expensive, by 4% and 1.8%, respectively.

An increase in prices of social security services (5.9%) contributed the most to inflation in various goods and services grouping (1.1%). Car insurance prices were up by 3.3%, the Statistics Office added.

In the housing segment, prices went up by 0.8% due to an increase in prices of liquid fuels (7.1%) and heat energy (1.3%) and a 1.7% drop in prices of solid fuels.

Package holidays price hike (2.9%) was the major reason for inflation in recreation and culture (0.8%).

Lower hikes were registered in clothing and footwear (0.3%), alcoholic beverages and tobacco (0.2%), restaurants and hotels (0.2%), and furnishing, household equipment and maintenance (0.1%).

A decrease in prices in August was registered only in communications (-1.3%) and food and non-alcoholic beverages (-0.2%). In the field of communications, a 1.3% decrease was reported in both telephone and internet services and telephones and other equipment.

At the level of food and non-alcoholic beverages, the prices of mineral waters, soft drinks and juices decreased the most (-1.8%), followed by vegetable prices (-1.6%) and fruit prices (-0.6%). Coffee, tea and cocoa were on average 0.8% more expensive.

At the annual level, prices increased the most in alcohol and tobacco (7.1%), education (5.9%) and transport (4.5%). These groupings were followed by housing (4.2%), food and non-alcoholic beverages and various goods and services (3.7%, each).

Deflation was registered only in communication, with prices decreasing by 4.4% on average.

Measured with the harmonised index of consumer prices, an EU-compatible gauge, consumer prices increased by 0.8% in August and by 3.1% at the annual level.

Eurostat meanwhile reported a 2.6% inflation rate at the annual level in the eurozone in August, up 0.2 points over July.

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