Slowing inflation, but still expensive food in Slovakia

By: Trademagazin Date: 2024. 10. 18. 11:24

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In Slovakia, inflation moderated to 2.6 percent by September, but food prices remained high, and the population had to face significant expenses when buying food. According to the data of the Slovak Statistical Office, although inflation has decreased from 2.8 percent in August, the annual growth of food prices is permanently around three percent, especially in the case of milk, cheese, cereals and eggs, there was a decreasing trend. However, oils, fats, and soon chocolate will also face significant price increases due to the problems in the cocoa market.

Slovak households spend an average of 20 percent of their expenses on food, which exceeds the EU average of 14 percent. Slovaks spend as much on food as the French, but food prices in Slovakia exceeded the EU average by 6.7 percent last year. According to Eva Sadovská, an analyst at Wood & Company, a significant part of the population has access to food, but in 18 percent of households it is not a matter of course that a proper lunch is on the table every second day, especially among the elderly living alone, single parents and families with several children. the Infostart.

Due to the VAT changes announced by the Fico government, another price increase is expected in the future, and Slovak inflation may accelerate again. According to the forecast of the Slovak National Bank, inflation may jump to 5 percent in 2024 before it moderates again.