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The expectation is that inflation will persist at higher levels over
the coming months, until the situation eases in global supply
chains and on the energy markets.

Slovenia’s harmonised index of consumer prices inflation is
seen at 1.7% in 2021 after the country posted an average
deflation of 0.3% in 2020, the European Commission said.
Inflation is expected to further speed up to 2.1% in 2022 and to
slow down to 1.7% in 2023.

In terms of average annual inflation, the IMF said that
Slovenia’s consumer prices are seen rising by 1.4% on average
in 2021 and to speed up to 1.8% in 2022, compared with a slim
deflation of 0.1% in 2020.

2.11.4 Industrial production

The situation in industry remained favourable, although firms are
reporting high capacity utilisation and shortages of intermediate
goods, which is already curtailing growth in exports, according to
the central bank. Firms are also seeing growth curtailed by higher
commodity prices and energy prices, and a shortage of skilled
labour. Quarterly growth in value-added in industry thus slowed to
0.5% in the third quarter of 2021. Other sectors saw current
growth in activity either maintain the same level as in the second
quarter, or pick up the pace.

Year on year, industrial production increased by 6.2% in October,
after rising by 7.8% y/y in September.

In October 2021, the total value of stocks in industrial production
was 1% higher than in September 2021. It was 9.6% higher than
in October 2020 and 10.6% higher than in October 2019.

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