Inflation Accelerated to 3.1 percent in October

Bratislava, November 15 (TASR) - Inflation accelerated to 3.1 percent year-on-year in October, the third-fastest increase in prices this year after January and February, the Statistics Office reported on Friday. When compared to September, price growth reached 0.7 percent, the most-rapid month-on-month growth rate this year along with January. The most significant increase was seen in the prices of food and non-alcoholic beverages. Prices rose in 11 of the 12 sectors monitored, ranging from 0.8 percent in housing and utilities to 9.8 percent in education. Only transport saw a decrease in prices. Higher prices for food and non-alcoholic beverages continued to have the most significant impact on inflation - by 5 percent. In particular, Slovaks paid 30.5 percent more for oils and fats, the most significant increase this year. The prices of vegetables (13.3 percent), fruit (11.9 percent) and soft drinks (4.3 percent) also rose, while only meat prices went down (0.5 percent). Headline inflation is being negatively affected by items whose prices have risen in previous months, and this effect persists throughout the following year, namely via higher prices for education, alcoholic beverages, medical products and supplies, food services, hygiene products and services, insurance, holidays, furniture and furnishings, clothing and footwear, recreational and cultural services, newspapers, books and office stationery. Fuel prices were still significantly lower year-on-year (9.5 percent) when compared to the same period of last year and helped to mitigate inflation. However, this effect was cancelled out by a 16.5-percent increase in the price of other items in the transport sector, in particular transport services. Compared to September, consumer prices rose month-on-month in 10 of the 12 sectors monitored, rising between 0.1 percent and 2.1 percent. The most pronounced increases were in the prices of food and non-alcoholic beverages. Vegetables (8.2 percent), oils and fats (6.4 percent), and fruit (by almost 5 percent) rose most rapidly in price. Overall in the first ten months of 2024, consumer prices increased by 2.7 percent year-on-year. am/df