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NBS: Higher-than-expected inflation result of hike in regulated prices

EU harmonised inflation in May was slightly higher than the Slovak central bank (NBS) had expected, NBS spokesperson Jana Kováčová told the TASR newswire on June 16.

EU harmonised inflation in May was slightly higher than the Slovak central bank (NBS) had expected, NBS spokesperson Jana Kováčová told the TASR newswire on June 16.

The main reason was an increase in regulated prices, as well as slightly higher-than-expected dynamics of foodstuffs prices. The NBS expects inflation to continue to be influenced by the development both food and services prices, while it's also possible to expect a calming influence on the development of the current exchange rate.

Consumer prices measured by harmonised index increased year-on-year in May by 4 percent in comparison with 3.7 percent in April. Core inflation, or the inflation without energy and unprocessed food, reached a year-on-year dynamics of 4 percent as well. In comparison with the previous month, consumer prices grew by 0.4 percent, with month-on-month growth of core inflation being 0.1 percent. The average year-on-year inflation over the 12 months from June 2007 to May 2008 reached 2.6 percent, and since the beginning of the year on average by 3.6 percent.

"Within the basic structure of inflation the year-on-year pace of the growth of the prices of goods accelerated, while the dynamics of the prices of services stayed around the same," according to the NBS.

Within the prices of goods, those of industrial goods and foodstuffs recorded faster year-on-year growth as well. The prices of services on a year-on-year basis were steady in comparison with the preceding month. Meanwhile, the prices of services in transport, and personal and recreation services were growing slightly faster. On the other hand, a slowdown of the dynamics was recorded in the prices in telecommunications. TASR

Compiled by Zuzana Vilikovská from press reports
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