Business News

Annual Inflation at 2.2% in August, Monthly Inflation at 0.3%

Ljubljana, 30 August (STA) - Slovenia's annual inflation was at 2.2% in August, down 0.4 percentage points on July and down 0.7 points compared to August 2012. An 0.3% inflation was recorded on monthly level, according to data released by the Statistics Office on Friday. The increase in prices was driven by services.

Prices of services were up 3.5% on annual level in August, while the prices of merchandise increased by 1.6%.

The increase in prices of food and non-alcoholic beverages contributed 0.7 pp to annual inflation. In this category, a strong increase was recorded in the prices of produce (fruit: +18.4%; vegetables: +8.8%) and meat (+6.1%).

A 13.4% increase in prices of hospitality services added 0.5 pp to annual inflation, while the increase in prices of alcoholic beverages and tobacco, as well as housing contributed 4 pp.

The decrease in prices of gas (-15.6%) and cars (-3.7%) accounted for a 0.2 pp decrease in annual inflation each.

Monthly inflation was driven above all by a 0.7% increase in prices of services, contributing 0.2 pp to the monthly inflation. An average increase of 0.1% in merchandise prices contributed 0.1 pp to the monthly inflation.

A 1.6% increase in prices of meat contributed 0.1 pp to monthly inflation, the same effect had a 1.3% increase in prices of oil derivatives, telephony and internet services, as well as a 3% increase in prices of package holidays.

The monthly increase in prices was reduced by 0.2 pp by a 10.8% decrease in prices of vegetables.

Measured with the harmonised index of consumer products, the official EU gauge, prices in Slovenia rose by 2.2% year-on-year in August.

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