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Inflation – consumer price indices in January 2025
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Inflation – consumer price indices in January 2025

Last update: 13.03.2025
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 17.02.2025

The beginning of 2025 brought an increase in inflation to 3.9%, it was a return to the values of a year ago

Price growth accelerated in January compared to December and thus to the situation a year ago. The overall result was significantly affected by changes in VAT rates or a new tax on sweetened soft drinks. As a result of which the prices of all beverages increased and slightly also the prices representing the largest share in the expenditure structure of Slovak households - housing, energy and food.

Consumer prices of goods and services rose by 1.7% month-on-month in January, which was the highest month-on-month growth in the last two years. Year-on-year inflation increased to 3.9%, bringing us back to the level of price growth from January 2024. In January, inflation is traditionally influenced by tax adjustments or regulated prices, currently in 2025 changes to value added tax (VAT) and the introduction of excise duty on sugar, especially in non-alcoholic beverages.

 
 
 
 

Month-on-month development - January 2025 compared to December 2024

Consumer prices increased month-on-month in 10 out of a total of 12 divisions (household expenditure groups), ranging from 0.8% in recreation and culture division to 4.6% in the alcoholic beverages and tobacco sector. Only 2 divisions registered a price drop, apparel and footwear and healthcare.

This result was mainly affected by the price increase in housing and energy division by 1.3%. This impact occurred despite the capping of energy prices for households, which, however, exceeded the impact of the VAT rate increase to 23%. In particular, the prices of gas, heat, other fuels and electricity rose, up 2% compared to December. Housing and energy represents the largest item in the expenditure structure of the Slovak households, currently for the year 2025 this share dropped to 23.3%.

The price growth compared to December was also significantly influenced by food products1), whose prices increased by an average of 0.5%. An important food items such as bread and cereals, meat or milk, cheese and eggs dropped in price by up to 1%, and oils and fats even by almost 3%, but food as a whole pulled smaller food items into growth again. The increase in prices was reflected in fruit by 5.6%, vegetables by 2.3% and sugar and confectionery by 2%. A dynamic price increase of almost 12% was recorded by non-alcoholic beverages 1) due to the consumption tax on sweetened soft drinks. In particular, mineral waters and fruit juices became more expensive by 17% compared to December, and coffee, tea and cocoa by more than 4%.

The third most significant influence on month-on-month price growth of alcoholic beverages and tobacco1), especially wine by more than 13.3%, spirits by 7.1% and beer by 5%. From January 2025, the Statistical Office of the SR uses a new source, the so-called scanner data / transaction data of business chains, also for obtaining prices of alcoholic beverages and tobacco.

In transportation, prices were rose by 3.5%, mainly due to higher prices of fuel and transport services. Food and accommodation services by 2.5%, postal services by 14.5%, telecommunications services by 3.4%, as well as all types of education, also recorded a more significant month-on-month price increase.

Year-on-year development - January 2025 compared to January 2024

Year-on-year inflation reached 3.9% in January, the highest level in the last 12 months. However, January's price changes are the most significant for a long time in month-on-month and year-on-year comparisons. Year-on-year prices were higher in all 12 divisions (household expenditure groups), ranging from 2.4% in apparel and footwear to 11% in education.

Price growth at the year-on-year level was mainly influenced by increases in the prices of beverages (alcoholic and non-alcoholic) with tobacco.  The prices for alcoholic beverages and tobacco were higher by more than 7% year-on-year, wine was the most expensive by almost 14%, as well as spirits and tobacco products. The prices of non-alcoholic beverages reached a double-digit growth above 12%, which was influenced by the introduction of the consumption tax on sugar. The prices of mineral waters, soft drinks and juices were thus higher by 16.3% year-on-year, and coffee, tea and cocoa by almost 7%.

In the food division, compared to the corresponding period last year, prices were higher by 1.7%, which was below the level of last year's average. A growth was recorded in 6 out of 9 monitored food items. The majority, 5 items, recorded growth of up to 6%, the only exception being oils and fats with a persistent double-digit growth. Meat, bread with cereals and also vegetables were sold at a lower price than a year ago.

In the most important division, housing and energy, the current January prices were higher by 2.5%, year-on-year. The double-digit rate of growth persisted for several months in the prices of water supply and waste collection. Currently, the prices of energy - gas, thermal energy and electricity - reached a moderate growth.

The overall rate of year-on-year inflation was also influenced by higher prices in  the divisions with growth above 7%, i.e. in education, restaurants and hotels, as well as selected services in the post and communications divisions.

Development of core and net inflation

In January the year-on-year inflation rate was 3.9%, core inflation reached 2.7% and net inflation reached 2.5%. Month-on-month core inflation reached 0.9% and net inflation reached 0.5%.

Core inflation tracks price level growth after excluding the impact of changes in regulated prices (e.g. energy prices) and other administrative measures (e.g. tax adjustments, etc.). Net inflation is core inflation without changes in food prices.

Higher prices for different social groups

In 2025, the Statistical Office of the SR will also publish the level of national inflation for specific social groups (households of pensioners, employees, low-income households), published additionally around the 26th of the month in selected data cubes in the public DATAcube database. within chapter 2.3.1.1 - Consumer price indices. Data for January 2025 will be published on Wednesday 26 February 2025.

New consumer basket for 2025

Together with the price changes, the Statistical Office of the SR also publishes the new structure of the consumer basket for 2025 in January. The weights of 12 divisions are adjusted annually in accordance with European methodology. Currently, the shares of the two largest expenditure items have decreased for the year 2025, housing and energy dropped to 23.3% and food and non-alcoholic beverages to 21.2% (applies to the CPI national inflation methodology). On the contrary, recreation and culture significantly increased its share of household expenses to 8.3%.

1) The introduction of scanner data as a new source of data brings a significant increase in the quality and scope of processed data.

Data source: DATAcube. database:

Price growth indices (inflation) - year-on-year

  • Indices of consumer prices in comparison with corresponding period of previous year - monthly [sp0005ms]
  • Indices of consumer prices - detailed data - monthly [sp0029ms]
  • Price growth indices (inflation)- month-on-month

  • Indices of consumer prices in comparison with the previous month - monthly [sp0004ms]
  • Price growth indices to the base period

  • Indices of consumer prices (December 2000=100) - monthly [sp0006ms]
  • Core and net inflation

  • Development of core and net inflation change in comparison with corresponding period of previous year in % - monthly [sp0008ms]
  • Development of core and net inflation change in comparison with previous period in % - monthly [sp0007ms]
  • Development of core and net inflation change in comparison with December of previous year in % - monthly [sp0009ms]
  • Consumer baskets

  • Consumer basket 2025 [sp0037rs]
  • The Universal Consumer Basket 2025 [sp0038rs]

Outputs for inflation:

Published types of inflation

The Statistical Office of the SR publishes two types of inflation:

  • development of consumer prices based on national methodology – Inflation – Consumer Price Indices (the English abbreviation CPI - Consumer Price Index is used)
  • development of consumer prices based on internationally harmonized EU methodology - Harmonized Index of Consumer Prices (HICP - Harmonized Indices of Consumer Prices)

The prices are monitored based on consumer basket, which is composed of selected representatives for selected types of goods and services included into 12 divisions, 44 groups and 101 classes according to COICOP classification. Internationally comparable inflation (HICP) differs from the national methodology (CPI inflation) in the structure of the prices of goods and services (it does not include the item "imputed rent" and selected items of major household repairs and maintenance) and, consequently, the value of the weights in the consumption basket. HICP data are published monthly, a few days after the national CPI inflation in terms of the First Release Calendar in the DATAcube database chapter: 2. 3. 3 - Harmonized indices of consumer prices (HICP inflation) and also in the database and in the press release on the Eurostat website.

Change in methodology in determining consumer prices

The Statistical Office of the SR uses a new source of data on prices, the so-called scanner data/transactional data of business chains to obtain prices for 2 of the 12 divisions of the required basket, for food and non-alcoholic beverages (from January 1, 2024) and for alcoholic beverages and tobacco (from January 1, 2025). Scanner data replaced traditional field surveys, thus significantly expanding the output of consumer prices in the mentioned segments while maintaining and increasing its quality. Their use is an important part of the modernization of price statistics. More in the methodological notes - CPI.

Consumption basket - structure of household expenses

The Statistical Office of the SR publishes the Structure of Household Expenditure graph, which presents the consumer basket valid for the year 2025. It indicates how much the household spends on specific expenditure groups of products and services in everyday life. Knowing the structure of household expenses is an essential part of determining the amount of inflation (price growth), because it determines the weights of expenditure items for its calculation. The weights are revised annually according to data from previous periods on household consumption.

 
 
 
 
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