Year-on-year growth in consumer prices fell by 0.4 p.p. to 1.6% in February due to lower electricity prices. Electricity prices fell by around one fifth month-on-month as a result of the implementation of the Act on emergency measures to mitigate the impact of high network charges for households (Official Gazette no. 9/25), which cut year-on-year inflation by 0.6 p.p. Prices in the housing, water, electricity, and gas and other fuels group were almost 5% lower year-on-year in February after recording modest year-on-year growth in January (0.4%). There were no significant changes in other product and service groups compared to January. Following a slowdown in January (2.3%), the year-on-year price increase in the food and non-alcoholic beverages group accelerated again slightly (2.8%). Year-on-year growth in semi-durable goods and services prices (1.3% and 3.2% respectively) remained around the January levels. Prices in the restaurants and hotels group continue to rise the fastest (4.6% year-on-year). The year-on-year decline in durable goods prices was also comparable to that in January (-0.4%).

Slovenian industrial producer prices were 0.8% lower year-on-year in January. The slightly sharper year-on-year decline compared to the end of last year (-0.2%) is attributed to a 0.5% month-on-month drop in Slovenian industrial producer prices. Compared to December 2024, prices decreased in most industrial groups: prices of intermediate goods declined by 0.5%, energy prices by 5.6% and consumer goods prices by a marginal 0.1%. On the other hand, capital goods prices increased by 0.7% month-on-month. Lower prices of intermediate goods (-1.6%) continued to contribute the most to the year-on-year price decline. Prices of energy and capital goods were also lower (-3.9% and -0.3% respectively). Prices of consumer goods were 0.6% higher year-on-year. The year-on-year fall in prices on domestic markets (-0.5%) was around half as strong as the fall in prices on foreign markets (-1.2%).

In January, real turnover increased significantly in all trade sectors after less favourable developments in the fourth quarter of last year. Following increases in the third quarter and in the first three quarters of last year, turnover in retail sales of non-food products and wholesale trade declined in the fourth quarter. Real turnover in the sales of motor vehicles rose on average in the fourth quarter, but less sharply than in the third quarter. After stagnating in the first half of last year, turnover also rose relatively modestly in retail sales of food, beverages and tobacco. In the fourth quarter of last year, sales in all trade sectors was higher than in the same period of 2023. Overall in 2024, the strongest real growth was recorded in the sales of motor vehicles (7%). Growth in other trade sectors was much more modest (around 1.5% on average). According to preliminary SURS data, turnover in January increased in the sales of motor vehicles and in the retail sales of food and non-food products.

Following a decline in the previous two quarters, total real turnover in market services increased in the fourth quarter of 2024 (by 1.1%, seasonally adjusted), while it was 0.7% higher year-on-year. Turnover in accommodation and food service activities increased gradually last year. Its growth accelerated in the fourth quarter of last year amid a relatively high growth in the number of overnight stays by foreign tourists. Turnover in transportation and storage mostly increased until the end of the year after declining in the first half of 2024. Turnover in professional and technical activities increased towards the end of the year. It also increased in information and communication, where the sales of computer services, especially in foreign markets, increased gradually in the second half of the year. Turnover in administrative and support service activities stagnated at a relatively high level last year, though it followed a downward trend. In the fourth quarter, turnover in employment agencies further decreased slightly and increased again in travel agencies. Total real turnover in market services was 1.3% higher year-on-year last year on average. Compared to 2023, it was lower in transportation and storage and professional and technical activities.

Economic sentiment has been improving since beginning of the year. The economic climate indicator continued its slight upward trend in February, remaining marginally higher year-on-year. The confidence indicator rose month-on-month in all activities, but declined among consumers, marking the second consecutive month of year-on-year deterioration. Compared to February last year, confidence improved slightly in manufacturing, which has remained at a consistently low level, and in retail trade, where the indicator tends to fluctuate significantly on a monthly basis. Confidence in construction–despite an improvement in recent months–and services, was slightly lower year-on-year.

According to survey data, the year-on-year increase in the number of persons in employment in the fourth quarter of last year remained at a similarly low level as in previous quarters (0.4%), while the number of unemployed rose slightly (5.7%). Among those in employment, the number of those in labour relation and some other forms of work (e.g. student work) remained higher year-on-year, while the number of self-employed and unpaid family workers (on farms or in family businesses), who are usually the first to transition into unemployment when uncertainty increases, was lower. As a result, the number of unemployed in the fourth quarter of last year was higher. However, survey unemployment rate remained largely unchanged at 3.5%.