Stats: Inflation Swelled to 3.2 percent in 2021, Highest Value in Nine Years

Statistics Office headquarters in Bratislava (stock photo by TASR)

Bratislava, January 14 (TASR) – Yearly inflation in 2021 increased to 3.2 percent, the highest value in the past nine years, as a result of rapid growth in prices in the second half of the year, the Statistics Office reported on Friday.

The statisticians noted that last year prices rose faster than the professional public expected. In 2020, under the influence of the pandemic, inflation reached only 1.9 percent.

“Developments during 2021 were turbulent, while in the first two months consumer prices rose by less than one percent, their growth rate gradually increased. From July, year-on-year price growth grew above three percent and in the last month of the year approached six percent,” noted head of the price statistics department Stefan Adamec.

Last year, prices rose in all 12 main components of the consumer basket. Higher prices in transport had a significant effect, especially the growth of fuel prices – with an annual average by 17.3 percent. According to statisticians, this growth is also a consequence of the base effect, as fuel prices fell in 2020 and 2019. Rising prices of tobacco products after tax adjustments in March 2021 also had a significant impact, rising by 13.7 percent year-on-year.