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Slovenia Business Week no. 22: Petrol Spike Fuels Inflation Rise

Record petrol prices in Slovenia have pushed up annual inflation by 0.5 percentage points to 3.2% in May

Record petrol prices in Slovenia have pushed up annual inflation by 0.5 percentage points to 3.2% in May. The monthly inflation rate stood at 0.9%, the Slovenian Statistical Office said.

May saw a continuation of the high monthly price growth in the recent period, the Statistical Office said. Prices of goods led the way, while services were only a touch more expensive than a month earlier.

Apart from dearer petrol, a rise in food prices also contributed to the fairly high monthly increase in consumer prices, the office said as it presented Consumer Price Index data on Wednesday, 31 May.

Although prices of food and non-alcoholic beverages rose more (1.7%), it was transport prices (1.4%) that added more to inflation. According to statisticians, dearer petrol amounted for 0.4 percentage points of the monthly inflation, while food added 0.3 percentage points.

There were no major drops in prices in May - prices in the telecommunications sector edged down 0.1% and were among one of only two groups to register a drop.

Meanwhile, the average annual inflation rate stood at 2.4% in May, which is 0.1 percentage points more than a month earlier, but still below the convergence criteria for the euro adoption, which stood at 2.7% in April.

Source: Slovene Press Agency STA

Author: STA