August inflation over 5%

CONSUMER prices in August were 5.1 percent higher than in the same month last year due largely to higher health care, accomodation and energy prices, the Statistics Bureau announced on September 12

Core inflation, which does not include the influence of regulated prices and indirect taxes, remained unchanged from July at 2.8 percent y-o-y.

National Bank of Slovakia spokesman Igor Barát said the figures indicated that inflationary risks persisted, and that the central bank would have to tighten its monetary policy.

The bank has already raised its key rates by 50 basis points on three occasions this year, and the markets expect another hike in October.

However, inflation is expected to drop slightly in the coming months as fuel prices ease, settling to 4-4.2 percent for the full year, according to SLSP bank analyst Mária Valachyová.

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