Expensive Christmas menu and gifts in Slovakia: what can you expect this holiday season?

Christmas Menu: Some Prices Down, Others Up

Marek Nemky, an analyst at the XTB market research firm, explained to Új Szó that while some ingredients have become more expensive, others have seen significant price drops. For example, the traditional Christmas cabbage soup, a staple in many Slovak households, costs €57 to prepare this year compared to nearly €60 last year.

• Increased prices: Sauerkraut, garlic
• Cheaper ingredients: Onions, sausage, potatoes, sunflower oil, pork, and frozen fish

Baking Essentials: Record High Prices

When it comes to baking ingredients, the situation is less favorable. Analysts report that the biggest price increases have been seen in:

• Cocoa,
• Olive oil,
• Butter,
• Eggs.

The rising cost of cocoa, chocolate, and butter means that the price of preparing traditional Christmas desserts has reached unprecedented levels.

Inflation Slowing, but Costs Remain High

In Slovakia, annual inflation in November 2023 was recorded at 3.2%, with average consumer prices rising 2.8% over the first 11 months of the year. By comparison, the inflation rate for the entire year of 2022 stood at 10.5%.

The largest price hikes were observed in:

• Oils and fats: +25%
• Fruits: +12%
• Milk, eggs, vegetables, sugar, and sweets: +5-7%

Food remains the second-largest expense for Slovak households, accounting for 24% of their expenditures. Bank analysts predict a slight acceleration in inflation for December, with annual price increases likely reaching 5% in January 2024.

Spending on Gifts: Tighter Budgets

According to a survey conducted by Wood & Company, 43% of Slovaks plan to spend no more than €200 on Christmas gifts this year. Among the most popular gift categories:

• Sports equipment prices rose by 8.4%,
• Jewelry increased by 8%.

Other items that have become more expensive include:

• Toys, books, watches, clothing, coffee makers, bicycles, and pet accessories.

Slower price increases were seen in:

• Phones and footwear: +0.7%.

Interestingly, computers became 6% cheaper, offering some relief for tech-focused gift shoppers.

This year’s holiday season in Slovakia presents financial challenges for many families, with both the Christmas menu and gift purchases costing more. Although inflation is slowing, higher prices for essential food and baking ingredients are pushing holiday expenses upward. When it comes to gift shopping, careful planning and smart choices can help consumers manage their budgets effectively this festive season.