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ECONOMIC BRIEFS

May inflation rate 0.2%, y-o-y down to 6.7%

The monthly inflation rate in Slovakia measured by the consumer price index was 0.2% in May 1999. The year-on-year inflation in May was 6.7%, the Slovak Statistics Bureau reported on June 11.

The May increase is ascribed especially to mounting prices in areas such as transport (1.1%), clothing and footwear (0.6%), spirits, tobacco, furniture, water, gas, power, household and miscellaneous wares and services (0.5%). On the other hand, prices in the education sector posted no change in May, and foodstuffs and soft drinks were 0.7% cheaper than a month ago.

The monthly inflation rate hit a six-year record of 3% this January. Last year, Slovakia recorded its highest inflation rate in January as well, when consumer prices jumped 1.9% in a month.

The year-on-year inflation rate showed a dip after several months of increases. While consumer prices went up 6.8% y/y in January, the figure was 6.9% in February, 7% in March and 7.1% in April, followed by May's drop to 6.7%.

In its 1999 monetary programme, the National Bank of Slovakia (NBS) set net inflation at 5-7%, but Finance Minister Brigita Schmögnerová recently said she expected the final 1999 inflation rate to be 11.4%.

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