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4.11 Inflation & Monetary Policy - Slovenia
The macroeconomic situation remains uncertain due to the global situation, elevated inflation and the catastrophic floods that affected large parts of Slovenia in August, according to the government.
Inflation was expected to continue to slow down until the end of 2023, but less markedly than in recent months. In the absence of external shocks, its decline, supported by monetary policy measures, will continue over the next two years.
The European Commission said that Slovenia’s inflation is seen decelerating to 3.9% in 2024 from 7.5% in 2023. Inflation excluding energy and food is also projected to fall, albeit somewhat slower, to 2.4% by 2025. After losses in purchasing power in 2022, wage growth is expected to surpass inflation over the 2023-25 period.
The OECD sees a decline in inflation with figures expected to decrease to 4.8% in 2024 and further to 3.2% in 2025.
Fitch said in October 2023 that persistent core pressures and labour market tightness in Slovenia will likely keep average inflation at 3.7% in 2024 and 2.6% in 2025.
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