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BUSINESS BRIEFS

Slovaks' spending priorities change

THE STRUCTURE of inflation has changed in Slovakia because people's spending priorities have altered, reported the Hospodárske noviny business daily.

To account for the change, the Slovak Statistical Office is adjusting the way it calculates inflation.

According to the new method, the weight of each section in the consumer basket used for calculating inflation will alter every year.

The Slovak Statistical Office has been preparing the change for the past two years. Previously, the weighting was adjusted only once every five years.

The change in Slovaks' spending priorities has come about particularly since the deregulation of energy prices. This means people now spend a greater proportion of their incomes on such things as heating, water and electricity.

Higher rents and paying back mortgage loans are also contributing factors.

Until recently these costs only accounted for one fifth of people's income, but today they amount to one third.

People are also spending more on healthcare, education, culture and leisure pursuits.

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