If you know for sure that there are no cycles in your parenting, you can do that recursively, i. e. with a function that calls itself. 5-level nesting should do just fine, trouble could arise with thousands.
def nested_page_path(page)
return "" if page.nil? # Or whatever that is root
"#{nested_page_path(page.parent)}/#{page.slug}"
end
But bear in mind, that the approach above, as well as yours, will fetch each object in a separate query. It's fine when you already have them fetched, but if not, you're in a bit of N+1 query trouble.
An easy workaround is caching. You can rebuild the nested path of this object and its descendants on before_save: that is some significant overhead on each write. There is a much better way.
By using nested sets you can get the object's hierarchy branch in just one query. Like this:
page.self_and_ancestors.pluck(:slug).join('/')
# ^
# Nested sets' goodness
What that query does is essentially "fetch me pages ordered by left bound, ranges of which enclose my own". I'm using awesome_nested_set in my examples.
SELECT "pages"."slug" FROM "pages"
WHERE ("pages"."lft" <= 42) AND ("pages"."rgt" >= 88)
ORDER BY "pages"."lft"