Slovenia’s Annual Inflation Jumps to 10.4% in June

By , 30 Jun 2022, 14:19 PM Business
Slovenia’s Annual Inflation Jumps to 10.4% in June flickr - Eric Rosenbaum CC by 2.0

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STA, 30 June 2022 - Slovenia's annual inflation rate accelerated to 10.4% in June, up 2.3 percentage points from May, driven by rising prices of petroleum products, food and electricity, the Statistics Office said on Thursday. The monthly rate stood at 2.7%, an increase of 0.7 percentage points on the back of higher prices of electricity, vacation packages and food.

The annual inflation in June is the highest since 10.7% were recorded in July 1996. The last time annual inflation exceeded 10% was in September 1997, when it stood at 10.1%, while 10.3% were recorded in August 1996.

Higher prices of electricity, natural gas and other fuels contributed the most to the June rise on the annual level - 2.1 percentage points - with gas rising by 49.4%, heating by 43.6% and electricity by 29.4%.

This was followed by higher prices of petroleum products and food, which pushed inflation up by 1.9 percentage points. Prices of liquid fuels rose by 54.6%, and prices of fuels and lubricants for cars grew by 34.5%.

In the food segment, where prices went up by 12.8% year-on-year, bread and cereal products (16.2%) and meat (12.9%) recorded the biggest price hikes.

Meanwhile, the annual rate of inflation was moderated by 0.2 percentage points by cheaper services in the communications segment, where prices fell by 5.3%.

Measured with the harmonised index of consumer prices, an EU benchmark, Slovenia's annual inflation in June ran at 10.8%, which compares to 8.7% in May and 1.7% in June 2021, and the monthly rate stood at 2.3%.

The Statistics Office noted the jump came after inflation had been kept at bay in the first half of the year as a result of a lowering of excise duties on petroleum products, energy and cigarettes.

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