Stats: Y-o-Y Inflation Slowed Down to 2.9 percent in December 2024

Bratislava, January 15 (TASR) - Consumer prices of goods and services decreased by 0.4 percent month-on-month (m-o-m) in December 2024, which was the biggest monthly drop seen in 8.5 years (since July 2016), the Statistics Office reported on Wednesday. Such a rapid monthly drop in prices is a record and has only occurred four times in the past 27 years. Year-on-year (y-o-y) inflation decelerated to 2.9 percent in December, while it was still above 3 percent in October and November. Consumer prices in December fell by 0.4 percent when compared to November. This steep drop was the result of a reduction in food prices as part of the pre-Christmas and year-end rivalry between retail chains. The prices of all the nine monitored food items fell significantly m-o-m - fruit by 7.6 percent, vegetables by 5 percent, oils and fats by 3.8 percent, meat by 1.5 percent, and milk, cheese and eggs by 1.4 percent. The prices of non-alcoholic beverages went down as well, mainly thanks to a 2.4-percent drop in the prices of mineral water, as well as a decrease in those of coffee, tea and cocoa. The overall price decrease in December can also be ascribed to a 1.9-percent drop in the prices of alcoholic beverages, especially beer and spirits, but also wine. Conversely, prices in the segment of transport rose by 0.2 percent m-o-m, mainly owing to a 0.7-percent increase in fuel prices. Monthly growth in prices continued in the case of newspapers and periodicals, catering, pharmaceutical products, personal care, hairdressing services, household appliances, household maintenance goods and services, insurance related to transport, clothing, audio equipment and holidays. ko/df