Inflation continued to ease in October, with prices declining by 0.5% month-on-month while remaining unchanged year-on-year. This time, inflation eased mainly due to a new method of calculating network charges for electricity, which led to a roughly 10% month-on-month decrease in electricity prices, while year-on-year, electricity prices were down by 22.7%. Prices in the housing, water, electricity, gas, and other fuels group were already 8.6% lower year-on-year in October. A year-on-year decline in goods and services prices was also observed in the transport and communications groups (by -3.1% and -0.3% respectively). In the food and non-alcoholic beverages group, the year-on-year price increase was roughly on a par with the previous month (1.4%), as was the decline in durable goods prices (-1.2%). Following a marked seasonal price drop in July and August, prices in the clothing and footwear group saw a significant seasonal increase for the second month in a row, further strengthening the growth of semi-durable goods prices in October (reaching 2.1%). Monthly price declines in package holidays and services within the restaurants and hotels group contributed to a further gradual slowdown in services price growth, which at 3.2% year-on-year in October reached its lowest point since March 2022.

In August, real turnover increased in most trade sectors and was also higher on  annual level. In August, turnover in the sales of motor vehicles increased for the third month in a row; in the first eight months, it was 8% higher year-on-year. After stagnating in the first half of the year, turnover in retail sales of food, beverages and tobacco increased for the second consecutive month (it was 2% higher year-on-year in the first eight months). Turnover also increased in retail sales of non-food products (remaining on average similar to last year’s levels over the same period). Among non-food products, after robust growth in 2021 and 2022, sales of pharmaceuticals and medical products declined year-on-year for the second year in a row, while sales of household appliances and audio and video equipment increased by around 10% year-on-year in the first eight months. After two months of growth, turnover in wholesale trade declined slightly (but was up 2% year-on-year on average in the first eight months). According to preliminary SURS data, turnover in September declined in the sales of motor vehicles and in the retail sales of food and non-food products. 

Real turnover in market services continued to increase slightly in August and remained higher year-on-year (by 1.3%). Total turnover rose month-on-month for the second month in a row, this time by 0.9% (seasonally adjusted). The strongest growth was observed in administrative and support service activities, where declines in employment and travel agencies came to a halt. Turnover growth also resumed in information and communication, driven by higher sales in the two main services (telecommunications and computers services). After stagnating in the first half of the year, turnover in accommodation and food service activities increased for the second month in a row. However, after robust growth in the previous month, turnover declined in professional and technical activities, as well as in transportation and storage. After three months of growth, turnover also declined in real estate activities. In the first eight months, transportation and storage was the only activity with a year-on-year decrease in real turnover.