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Development of consumer prices in March 2021

Development of consumer prices in March 2021

Last update: 14.04.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 14.04.2021

In March, inflation increased to 1,4 %, mainly fuels and tobacco products have become more expensive after tax cuts

Consumer prices in the SR in March 2021 were higher by 1,4 % year-on-year, inflation increased for the second month in a row (it was 0,9 % in February), but it was lower than a year ago in March 2020 (2,3 %). In the month-on-month and year-on-year comparison, prices were mainly influenced by the increase in fuel prices and in March there was a full increase in excise duty on tobacco products, when tobacco prices were higher by more than 16 %, year-on-year.

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. Part of the prices were solved by post-imputation. This was due to the closure of selected stores and operations of services, as well as the measures taken for field work. More in methodical note HERE.

Development in March 2021 compared with February 2021

Prices rose month-on-month (compared with February 2021) by 0,5 %. The most significant impact on this fact, had the higher prices of fuels and lubricants for passenger transport by 4 % month-on-month in the division of transport and the increase in the prices of tobacco products, which pushed up prices in the tobacco division by 14,1 % and caused price growth for the whole division of alcoholic beverages and tobacco by 6,9 %. At the same time, prices of footwear increased by 1 % compared to February.

However, a more considerable growth in month-on-month inflation was hampered by decreasing prices in the division of food and non-alcoholic beverages by 0,2 %. The price decrease in the whole division of food by 0,2 % was influenced mainly by lower prices of sugar, chocolate and confectionery by 1,4 %, milk, cheese and eggs by 0,8 % and bread and cereals by 0,7 %. Prices of fruits, vegetables and oils and fats rose month-on-month, but unlike February, their impact was insignificant in March.

However, lower prices of non-durable household goods by 0,7 % within the division of furnishings, household equipment and routine household maintenance, as well as lower prices of telephone services by 0,4 % in the division of telecommunications also contributed to the result.

In the most significant component – prices of housing and energy were unchanged compared to February, but for the third month in a row, prices for garbage collection increased by 0,5 %.

The consumer price index increased by 0,5 % in March compared to February in the households of employees and in low-income households equally by 0,5 %, in the households of pensioners by 0,4 %.

Development in March 2021 compared with March 2020

The current value of month-on-month inflation which increased to 1,4 % was influenced in March by the lower weight within the consumer basket. Similarly as in month-on-month comparison, the higher inflation was influenced mainly by the price increase of tobacco products by 16,5 % which also pushed up prices for the whole division of alcoholic beverages and tobacco by 8,1 %. The increase in prices of fuels and lubricants for passenger transport vehicles by 8,7 % or a higher prices of motor vehicles by 3,4 % also had a significant impact at the year-on-year level. Interesting, though less significant, was a 3,2 % increase in bicycle prices.

The level of inflation was also influenced by higher prices of non-durable household goods by 2,1 % in the field of household equipment and routine household maintenance. In the division of recreation and culture, prices of catering services in restaurants, cafes and similar establishments rose by 3,7 %.  We paid significantly more in year-on-year comparison, e.g. for other financial services by 2,7 % and for dental services by 6,5 %.

Two divisions, which represent the highest share in the expenditure structure of Slovak households among the 12 monitored components (divisions) of the consumer basket - food and alcoholic beverages and housing and energy were decreasing year-on-year, though they were dampening the growth of year-on-year inflation.

In the field of housing and energy, the impact of January's sharper reduction in gas and electricity prices was felt at year-on-year levels for the third month in a row. Conversely, the further increase in prices for garbage collection in March dynamized the price increase for these services to the level 7,4 %.

In the most monitored division of the consumer basket, which is the second in terms of the share of household expenditure – in the division of food and non-alcoholic beverages, inflation was mainly influenced by year-on-year lower prices of fruit by 6 %, vegetables by 3,6 %, meat by 1,8 %, as well as by a decrease in prices of milk, cheese and eggs by 0,9 %. More than in last March, for example, we paid extra for bread and cereals by 1,3 %, as well as for mineral waters, soft drinks and juices by 1,5 %.

In March 2021 compared to March 2020, the consumer price index increased in households of employees by 1,5 %, households of pensioners by 1 % and in low-income households by 1,3 %.

In summary for the three months of 2021, consumer prices increased by 1 % compared to the same period of 2020. The consumer price index increased in households of employees by 1,1 %, households of pensioners by 0,6 %, in low-income households by 0,9 %.

The development of consumer price indices is surveyed on a universal consumer basket composed of 731 representatives - selected types of goods and services paid by the population, to which certain weights have been assigned. The scales are revised annually, currently valid for the year 2021. Prices are ascertained throughout the territory of the SR in a selected network of stores and service operations during the first 20 days of the reference month.

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 March 2021 (reference period March 2021) today 15 March 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 MARCH 2021 will be published on 16 April 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

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. 3 2021 will be published on 30 April 2021 in the CATALOGUE OF PUBLICATIONS

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

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