By the end of April 2024, Slovenian CPI recorded an increase of 1.0% MoM and 3.0% YoY. The YoY increase marks the lowest rate of inflation since October 2021.
According to the latest report on Slovenian CPI, it has continued to decrease in April 2024, at least on the yearly level, while on the monthly level, it recorded a noteworthy increase. As such, the Slovenian CPI growth amounted to 1% MoM, and 3% YoY. The YoY increase in CPI marks the lowest point of CPI growth ever since October 2021, indicating that the inflation rates continue to cool off, at least annually.
Slovenian CPI change (January 2011 – April 2024, %)
Source: Slovenian Statistical Office, InterCapital Research
Breaking this growth down by components, on an annual basis, service prices grew by 4.5%, while goods prices increased by 2.3%. Inside the goods category, non-durable and semi-durable goods recorded price growth of 3.2% and 1.8%, respectively, while durable goods prices decreased by 0.7%.
In terms of CPI growth by groups, housing, water, electricity, gas and other fuels recorded 4.8% higher prices, leading to a 0.6 p.p. contribution to the overall 3% growth. Higher prices in restaurants and hotels, at 7.3% YoY, contributed 0.5 p.p. to the overall CPI growth, while the remainder of the growth came from all other groups combined. On the flip side, the prices of food and non-alcoholic beverages remained the same YoY.
Moving on to the monthly inflation, in terms of groups, 0.5 p.p. to the 1% MoM increase came from the group recreation and culture, in which the package holiday prices increased the most, at 13.8% MoM. Clothing and footwear prices meanwhile, recorded a 4.2% increase, leading to a 0.3 p.p. contribution to the inflation rate. On the other hand, 1.1% lower food prices led to a 0.2 p.p. negative contribution to the MoM inflation rate, while 9.8% lower prices in spare parts and accessories for personal transport equipment led to a 0.1 p.p. negative contribution.
In terms of the harmonized index of consumer prices, HICP, in April 2023 Slovenia recorded an increase of 0.7% MoM and 3.0% YoY. We already covered how the EU states compare on this metric in our April 2024 CPI overview for Croatia, which you can access here.
