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Development of consumer prices in May 2021
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Development of consumer prices in May 2021

Last update: 15.06.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 15.06.2021

In May, inflation again exceeded 2 % after a year, boosted by food month-on-month

In May, inflation increased the dynamics for the fourth month in a row, prices rose by 2,2 % year-on-year. Year-on-year, prices were mainly driven up by fuels. An increase in the dynamics was mainly due to a month-on-month rise in food prices, most considerably in fruit and vegetables, which, however, remained cheaper, on average, than a year ago.

In May, a rise in consumer prices was again higher than in previous months (inflation reached 1,6 % in April) and also exceeded the level of the previous year (it reached 2 % in May 2020). Food prices increased month-on-month, but prices rose in all nine food product classes for the second month in a row, most significantly in fruit and vegetables (above 4 %). Nevertheless, prices of fruit and vegetables and meat and dairy products have not yet reached the last year's price level.

As in previous months, higher prices of fuels (by almost a fifth) and tobacco had a significant effect in the year-on-year comparison.

In May, consumer prices were collected in the standard way, only a few items were collected in substitution, from other available sources (websites, by telephone and by e-mail). This was allowed by gradual relaxation of measures against the pandemic (opening of shops and service operations).

Development in May 2021 compared to April 2021

A month-on-month growth of prices accelerated to 0,8 % compared to April (in April, prices increased by only 0,2 % month-on-month). All divisions recorded a growth. The most significant impact on the development was recorded by higher prices in the division of food and non-alcoholic beverages, especially food prices by 1,8  %. Month-on-month, higher prices were recorded in all nine classes of this group, but especially fruit by 7,7 %, vegetables by 4,8 %, but also bread and cereals by 1,8 % or meat by 0,5 %. A decrease in this division was only in prices of non-alcoholic beverages by 0,2 %.

Even in the most important component - in prices of housing and energy, prices increased by 1,2 % compared to April. This was caused by higher prices of imputed rents (taking into account the cost of own housing) by 2,9 %, which was due to an increase in prices of construction materials. Prices of maintenance and repair of the dwelling also increased. Energy prices remained unchanged.

The month-on-month result was also affected by higher prices of alcoholic beverages by 0,6 %, especially beer, as part of the division of alcoholic beverages and tobacco, but also by an increase in prices of footwear by 1,1 % or in the division of restaurants and hotels, catering services by 0,6 % and also accommodation services by 0,4 %. In the division of recreation and culture, prices of audio-visual and photographic technology rose by 1,7 %, while in the group of newspapers, books and stationery, an increase in prices of books was recorded after four months of a decline. A growth of prices of fuels and lubricants (fuels) also slowed down during May, prices increased by 0,3 % month-on-month.

In addition to a decline in soft drinks, purchase of motor vehicles also recorded lower prices by 0,4 %  in transport.

In May, compared to April, the consumer price index increased in households of employees and also in low-income households by 0,8 %, in households of pensioners by 1,1 %.

Development in May 2021 compared to May 2020

In May, year-on-year inflation, which rose to 2,2 %, continued to be driven more by less important divisions in the consumer basket. For the third month in a row, a rise in consumer prices was influenced by prices of tobacco products, which were by 16,5 % higher year-on-year, and the whole division of alcoholic beverages and tobacco also recorded higher prices by 7,7 %.

The second group, which significantly affected the value of year-on-year inflation, was prices of fuels and lubricants by 23,2 % within the transport division. Gasoline and diesel prices rose more strongly in the last three months, while the year-on-year rate of price increases in May reflected not only a gradual rise in prices but also a base effect (fuel prices fell sharply a year ago in May due to the peak of the first wave of the pandemic by 22,1 %). Less significant components, such as prices of maintenance and repair of passenger transport equipment, grew more significantly by 4,2 % or prices of purchase of bikes by 4,9 %.

In the housing and energy division, which represents the highest share in the structure of Slovak household expenditure among the 12 monitored components (divisions) of the consumer basket, there was a slight increase of 0,1 % after four months. At the beginning of the year, a decrease in electricity and gas prices will have a dampening effect on prices in the division throughout the year, but in May the overall increase in prices was partly influenced mainly by a more significant increase in imputed rents of 3,9 %. In addition, prices of maintenance and repair of dwelling increased by 4,1 % or prices of sewage disposal by 4 %.

Prices in the most monitored consumer basket division, which is the second largest in terms of the share of household expenditure - the division of food and non-alcoholic beverages, decreased by 0,8 % year-on-year. As for the nine monitored components (classes), prices were below the last year's level in four - fruit by 5 %, meat by 2,9 %, vegetables by 2,1 % and dairy products by 0,6 %. Prices of bread and cereals, fish, oils and fats were higher than in May a year ago. After three months, sugar and confectionery prices also went up.

The overall level of inflation was also influenced by rising prices in the education division, prices of secondary education increased by 3,1 %, in restaurants and hotels, catering services by 3,6 % and accommodation services by 0,9 %. As for the other divisions, we paid more than a year ago for other medical devices by 6,9 %, pharmaceutical products by 1,6 % or, for example, for audio-visual and photographic technology by 2,3 %, where prices have been falling for a long time.

In May 2021, the consumer price index increased year-on-year in households of employees by 2,3 %, in low-income households by 2 %, in households of pensioners by 1,8 %.

Cumulative year-on-year inflation rate since the beginning of 2021

In total, in the five months of 2021, compared to the same period in 2020, consumer prices increased by 1,4 %. Year-on-year, the consumer price index increased in households of employees by 1,4 %, in low-income households by 1,3 %, in households of pensioners by 1 %.

Data collection for the consumer price index also had a major impact on the corona crisis situation in March. Traditional field price survey has continued to be replaced by prices from other sources, e.g. websites, telephone and email inquiries and post-imputation.

Outputs of the INFLATION product line:

First release - Development of consumer price indices (national inflation / CPI) always around the 14th to 15th day of the following month after the end of the reference period.
Current: Development of consumer price indices in May 2021 (reference period May 2021) today 15 June in the form of tables in DATAcube databases. and STATdat. and a text of the INFORMATIVE REPORT stored in the CATALOGUE OF INFORMATIVE REPORTS.

First release - Harmonised Indices of Consumer Prices (HICP) for the EU, usually a few days after national CPI inflation. The HICP has a uniform methodology in the EU to ensure the comparability of consumer price indices of individual countries. baskets for the CPI and the HICP differ in part; the HICP, unlike the CPI, does not include the components "Imputed rents"; and selected items related to major household repairs and maintenance, resulting in some differences in the CPI and HICP weights.
Current: The information report HARMONISED INDICES OF CONSUMER PRICES IN MAY 2021 will be published on 17 June 2021 and stored in the CATALOGUE OF INFORMATION REPORTS. On the same day, the press report of Eurostat INFLATION IN THE EUROZONE is displayed at https://ec.europa.eu/eurostat/web/main/home

Electronic publication - "CONSUMER PRICE INDICES IN THE SR", which also contains more detailed data on the topic, other indices and more detailed structures of price in-creases as well as consumer price (cost of living) indices for selected social groups - for employees' households; pensioners; for low-income households.
Current: Publication of CONSUMER PRICE INDICES IN THE SR No. 5 2021 will be published on 30 June 2021 in the CATALOGUE OF PUBLICATIONS

Responsible person: Director of the Price Statistics Department Ing. ŠtefanAdamec


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