Slovenia: Inflation in July stood at 0.3%

Slovenia: Inflation in July stood at 0.3%

The annual inflation in Slovenia in July 2020 was at 0.3%, announced Slovenia’s Statistic office.

Service prices went up on average by 2.1%. Goods prices went down on average by 0.8%. Monthly deflation was −0.1%, which is mainly the consequence of the 10.3% drop in the prices of clothing and footwear.

In July 2020 consumer prices increased on average by 0.3% at the annual level (in July 2019 annual inflation was 2%). The 12-month average price growth was 0.9% (in the same period last year 1.7%).

In one-year service prices increased on average by 2.1%, while goods prices decreased by 0.8%. On average prices for all types of goods decreased (durable goods by 1%, semi-durable goods by 0.8% and non-durable goods by 0.6%).

The biggest impact on the annual inflation came from food (0.5 of a percentage point). Fruit prices increased on average by 16.2% and meat prices by 6.3%.

A 0.3 p.p. impact on annual inflation came from higher prices in the group miscellaneous goods and services (insurance prices increased by 5.4%).

Lower prices of petroleum products had a 1 p.p. impact. The prices of fuels and lubricants decreased on average by 20.3% and the prices of liquid fuels by 14.2%.

In July 2020 the prices were on average 0.1% lower than the month before. The biggest impact (−0.8 p.p.) on monthly deflation was – due to the summer sales – that of lower prices of clothing and footwear. Clothing prices went down on average by 11.3% and footwear prices by 8.1%.

A 0.4 p.p. impact on monthly inflation came from higher prices of package holidays (average monthly increase by 10.2%). The prices of liquid fuels and accommodation services also increased. Both groups had a 0.1 p.p. impact on monthly inflation (on average the prices of liquid fuels increased by 10.5% on a monthly basis and the prices of accommodation services by 4.3%). A 0.1 p.p. impact had other price decreases in July.

Measured with the harmonised index of consumer prices, at the annual level in July 2020 consumer prices decreased by 0.3% (in July 2019 they grew by 2%). The 12-month average price growth was 0.8% (in the same period last year 1.8%). The monthly price growth was −0.2%.

In one year, goods prices decreased by 1.6%. On average the prices of all types of goods decreased (non-durable goods by 1.9%, semi-durable goods by 0.9% and durable goods by 0.8%). Service prices increased by 1.8%.

Measured with the harmonised index of consumer prices, in June 2020 the annual inflation rate in the EMU countries was 0.3% (up from 0.1% in May 2020). In the EU-27 it was 0.8% (up from 0.6% in May 2020). The lowest annual inflation rate was recorded in Cyprus (−2.2%) and the highest in Poland (3.8%); in Slovenia it stood at −0.8%./ibna