Inflation broke records. Energy prices do not help

The January inflation has been the highest since late 2003.

Illustrative stock photoIllustrative stock photo (Source: SME)

The January inflation in Slovakia and the eurozone rose much more than originally expected.

Investment Advisory Guide - Your key to understanding the Slovak business environmentInvestment Advisory Guide - Your key to understanding the Slovak business environment

Instead of the predicted slow-down in consumer prices, the growth in prices accelerated. In Slovakia, it might have increased by as much as 8.5 percent year-on-year, as stems from the Eurostat data, which has been the most since December 2003, the Denník E economic daily reported.

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Peter Kažimír, governor of the National Bank of Slovakia (NBS), country’s central bank, originally predicted consumer prices to grow at 7 percent in annual terms.

The growth in the eurozone also broke records, with inflation rising by 5.1 percent y-o-y, according to the Eurostat data, much more than the originally forecast 4.4 percent.

Recovery likely to continue in 2022 Read more 

Energy prices have an impact

One reason for the high January inflation rate in the eurozone was energy prices that went up by 28.6 percent y-o-y. In December 2021, they rose by 25.9 percent annually, the TASR newswire reported.

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