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Slovenia: January 2021 annual deflation at .0.7%, monthly at −0.4%

New data came to light regarding deflation in January 2021 on an annual and monthly basis (.0.7% and .40.4%, respectively). Annual deflation mainly reflected lower fuel and energy prices (by 9.4%), while monthly deflation occurred due to winter sales of clothing and footwear, the Slovenian Statistical Agency announced on Friday.

In January 2021 in Slovenia, annual inflation was .0.7% (from 2.1% in January 2020), while the average 12-month price increase was .30.3% (from 1.7% in January 2020).

On an annual basis, prices of services increased by 0.4%, while prices of goods decreased by 1.2%. In terms of goods, prices of stable and semi-stable goods fell by 0.2% and prices of volatile goods by 1.7%.

In January 2021, the largest downward impact on annual inflation (0.9 of a percentage point) stemmed from lower prices of petroleum products: liquid fuel prices fell 12.8% and fuel and lubricants 16.6%. Additional 0.3 percentage points were added with 8.4% cheaper vacation packages.

In January 2021 from month to month, consumer prices were on average lower by 0.4%.

January deflation was mainly a result of lower prices in clothing and footwear (by 6.8%), which reduced the monthly growth rate by 0.5 pp. An additional 0.2 percentage points were added by lower service prices in the health sector (by 2.8%) and lower holiday package prices (by 6.2%).

The growing impact on inflation came from higher oil and food prices (by 0.2 pp and 0.1 pp, respectively). Liquid fuel prices and gasoline prices rose by 4.2%, oil prices by 4.3% and food prices by 0.8% (fresh vegetable prices rose by 5.9%). All other price increases in January added an additional 0.2 pp to the monthly inflation rate.

Measured by the harmonized index of consumer prices, in January 2021 the annual growth of consumer prices was .0.9% (in January 2020 it was 2.3%). The average 12-month price increase was .50.5% (in the same period last year 1.8%). The monthly price increase was .30.3%.

On average, utility prices rose by 0.8% during the year, while commodity prices fell by 1.9%. In terms of goods, prices of volatile goods decreased by 2.9%, while prices of durable and semi-durable goods remained moderately stable.

Measured by the harmonized index of consumer prices, in December 2020 the annual inflation rate in EME countries was .30.3% (a year ago, the rate was 1.3%). In EU-27 member states it was 0.3% (from 0.2% in November 2020). The lowest annual inflation rate was recorded in Greece (.42.4%) and the highest in Poland (3.4%); in Slovenia stood at .21.2%.

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