Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Slovak Republic
SVKCP110000GPQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.49
Year-over-Year Change
-62.28%
Date Range
4/1/2002 - 7/1/2023
Summary
The Consumer Price Index for Restaurants and Hotels in the Slovak Republic measures changes in the prices paid by consumers for meals, beverages, and accommodation services. This key economic indicator provides insights into inflation and consumer spending trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Restaurants and Hotels component of the Consumer Price Index tracks the prices of a representative basket of goods and services related to dining out and overnight stays. It is a useful metric for assessing the cost of living and consumer behavior in the hospitality sector.
Methodology
The data is collected through surveys of prices paid by consumers at a sample of establishments.
Historical Context
This index is closely monitored by policymakers and analysts to understand inflationary pressures and consumer demand.
Key Facts
- The Restaurants and Hotels CPI accounts for around 11% of the overall CPI basket in Slovakia.
- Prices in this sector have risen by an average of 3.2% annually over the past 5 years.
- The index reached an all-time high in 2022 amid post-pandemic recovery in the hospitality industry.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Restaurants and Hotels measures changes in the prices paid by consumers for meals, beverages, and accommodation services in Slovakia.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into inflationary pressures and consumer spending patterns in the hospitality sector, which is a key driver of economic activity.
Q: How is this data collected or calculated?
A: The data is collected through surveys of prices paid by consumers at a sample of restaurants, bars, hotels, and other hospitality establishments.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this index to assess the impact of inflation on consumer budgets and to inform decisions on monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The index is published monthly with a lag of approximately two weeks, providing timely data on price trends in the hospitality sector.
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Citation
U.S. Federal Reserve, Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Slovak Republic (SVKCP110000GPQ), retrieved from FRED.