Business News

Annual Inflation Down to 1.4% (adds)

Ljubljana, 30 November (STA) - Slovenia's annual inflation rate dropped 0.5 percentage points in November to 1.4%, while prices were up by 0.3% on the previous month, the Statistics Office said on Tuesday.

Measured with the harmonised index of consumer prices, the EU benchmark, the annual price growth was 1.6% (down from 2.1%), while the 12-month average price growth remained level at 2.1%.

In November, the biggest price increases were recorded in the groups clothing and footwear (by 2.4%) and food and non-alcoholic beverages (0.9%).

Higher prices of clothing and footwear - a result of the arrival of winter collections - pushed inflation up 0.2 percentage points, while vegetables (up by 5.7%) and fruit (5.1%) added 0.1 percentage points each.

Prices of package holidays (1.5%) and motor vehicles and used vehicles fell the most, by 0.9% and 1.8% respectively. A notable price drop was also recorded in the group restaurants and hotels (by 0.6%)

Lower prices of package holidays and motor vehicles each pushed the inflation down by 0.1 points.

The highest annual growth was recorded in the groups alcoholic beverages and tobacco (by 8.0%), followed by housing, water, electricity, gas and other (by 7.1%), health (by 4.4%), communication (by 2.8%), and food and non-alcoholic beverages (by 1.9%).

At the annual level, prices decreased only in restaurants and hotels (by 11%), transport (by 1.2%) and recreation and culture (by 0.1%).

Compared to November 2009, prices of goods went up by 2.2%, whereas prices of services dropped by 0.4%.

According to the Institute of Macroeconomic Analysis and Development (IMAD), a government think-tank, the inflation figures are in line with expectations.

IMAD attributes the 0.5 percentage drop in the annual rate to strong fluctuations in this period last year. It expects that annual inflation will increase again next month.

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