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ECONOMIC BRIEFS

Monthly inflation in Slovakia hits six-year record

The monthly inflation rate in Slovakia measured by the consumer price index was 3% in January 1999, the highest monthly rate since the origin of the Slovak Republic.

The year-on-year inflation rate showed significant growth as well. While consumer prices went up 5.6% in December 1997 compared to December 1998, the January to January rate was 6.8%. In its 1999 monetary program, the National Bank of Slovakia (NBS) set net inflation at 5-7%. Net inflation applies to 55% of commodities and services in the consumer basket.

Slovakia saw an average annual inflation rate of 6.7% last year. After it decided to abolish the fluctuation band of the Slovak crown and float the Slovak currency in October, the central bank revised its 1998 year-on-year inflation goal upwards from 6.8 to 9.4%.

In 1997 the average annual inflation rate in Slovakia was 6.1%, while it was 5.8% one year earlier. the fund did not act.

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