Slovenian consumer prices were unchanged on a monthly basis in November, while the annual inflation rate eased to 2.3%, down from 3.1% in October but still higher than the 1.7% recorded in the same month last year. Below, we break down the main contributors to November’s CPI outcome and position Slovenia within the broader European inflation landscape.
Compared to November 2024, inflation remains primarily service-driven. Service prices increased 2.7% YoY, outpacing goods, which rose 2.1%. Within goods, non-durables recorded the strongest momentum (+3.2% YoY), while semi-durables were broadly unchanged and durables edged slightly lower (-0.1% YoY).
The largest single contributor to headline inflation was food and non-alcoholic beverages, up 5.0%, adding 0.9 p.p. to the annual rate. This was followed by housing, ware, electricity, gas, and other fuels, where prices rose 4.0%, contributing 0.5 p.p. Two additional categories added 0.3 p.p. each – health (+5.1% YoY) and restaurants and hotels (+4.1% YoY).
Slovenia CPI YoY growth rate (September 2015 – November 2025, %)
Source: SURS, InterCapital Research
On a monthly basis, the CPI remained unchanged. Among upward movements, the most notable were electricity, gas, and other fuels, driven largely by an electricity price increase of 10.7%, contributing 0.4 p.p. to the monthly rate. Clothing prices also provided a modest push, rising 1.9% (+0.1 p.p.). Offsetting these gains were several declines, with 0.9% decrease in food leading the contribution with +0.2 p.p. Transport services (-6.1% YoY), accommodation services (-5.7% YoY), and package holidays (-2.7% YoY) each contributed -0.1 p.p. to the monthly movement.
HICP comparison between select European countries (October 2025, YoY)
Source: Eurostat, InterCapital Research
When measured using the harmonized index of consumer prices (HICP), annual inflation reached 2.4% in November (vs 1.6% a year earlier), while the monthly it remains unchanged. Service prices rose 3.5% and goods prices 1.8%. Within goods, non-durables increased 2.9%, whereas semi-durables (-0.2%) and durables (-0.5%) recorded annual declines, a continuation of the deflationary trend in discretionary goods.
For comparison, October 2025 HICP data show inflation in the EMU at 2.1%, slightly below September’s 2.2%, while the EU-27 rate stood at 2.5%. November’s figures suggest that Slovenian inflation continues to move closer to the European average, narrowing the gap observed earlier in the year. Furthermore, the latest European Commission forecast projects Slovenian inflation at 2.5% in 2025, easing to 2.3% in 2026 and 2.1% in 2027, reinforcing expectations of a gradual return toward price stability.