Inflation at 5 percent in July

JULY consumer prices as measured according to EU rules rose by 5 percent year-on-year or 0.1 percent month-on-month, the Slovak Statistics Bureau reported on August 16.

Consumer prices in July were slightly higher than expected by the National Bank of Slovakia (NBS) due mainly to a significant increase in the prices of services. These in turn were affected especially by regulated bus transport prices, the summer tourist season, and more expensive foreign holidays than for the same period last year.

Higher-than-expected prices for industrial goods were caused by increases in regulated prices of pharmaceutical products, central bank spokesman Igor Barát told the TASR news wire. Fuel prices increased at a slightly faster rate than before.

For the near future, the NBS predicts that cigarette prices will increase significantly. Faster increases in the prices of non-processed food should continue, along with those of services connected with the summer tourist season.

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