Slovakia’s annual inflation rate rose to 4% in January 2026 from 3.8% in December, in line with market expectations. This was the highest rate since September 2025 and was driven mainly by a sharp acceleration in housing and utilities prices (6.1% vs 2.8% in December). The increase reflected regulatory measures, most notably substantial hikes in thermal energy prices (25%) and gas (6.7%).
Overall inflation was further supported by higher prices for food and non-alcoholic beverages (3.9% vs 2.8%), with food prices alone up 3%. Eight of the nine food categories recorded annual price growth above 4%. By contrast, transport prices declined (-1.8% vs 1.7%), largely due to a drop of more than 8% in fuel prices and lower air transport fares.
On a monthly basis, consumer prices rose 1.8% in January, rebounding from a 0.3% decline in the previous month and surpassing market forecasts of a 1.6% increase. Meanwhile, core inflation, which excludes regulated prices, edged down slightly to 2.9% from 3% in December 2025.
