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Inflation driven by food prices above forecast

GROWTH in consumer prices in April moderately exceeded market projections. Analysts forecast April inflation to remain at March’s 4.2 percent, but year-on-year price growth was actually 4.3 percent, the SITA newswire reported. Consumer prices went up by 0.2 percent from March.

GROWTH in consumer prices in April moderately exceeded market projections. Analysts forecast April inflation to remain at March’s 4.2 percent, but year-on-year price growth was actually 4.3 percent, the SITA newswire reported. Consumer prices went up by 0.2 percent from March.

Rising food prices were key to the acceleration in inflation. These grew 1.2 percent and contributed 0.2 percentage points to the overall year-on-year figure. Prices of other components in the basket of goods and services used to calculate inflation grew more or less in compliance with forecasts, according to ČSOB analyst Silvia Čechovičová.

Market watchers predict that Slovakia will experience persistent price growth in the forthcoming months.

“Prices of foodstuffs are to grow further and rising crude-oil prices will move fuel prices more significantly,” said Čechovičová.

Analysts forecast inflation climaxing in the summer, when statistics will reflect a hike in the price of tobacco products. They do not expect inflation to fall below 4 percent before late 2008.
The Slovak Statistics Office released harmonised inflation data on May 15. Over April the year-on-year harmonized inflation accelerated to 3.7 percent from March’s 3.6 percent.

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