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Central bank ups 2008 inflation prediction

THE NATIONAL Bank of Slovakia (NBS) has increased its inflation estimate for this year and the next two years. In its July projection, the central bank increased its prognosis of this year’s harmonised inflation by 0.7 percentage points from April to 3.9 percent, by 0.4 percentage points to 3.4 percent for next year and by 0.1 percentage point to 3.1 percent for 2010, the SITA newswire wrote.

THE NATIONAL Bank of Slovakia (NBS) has increased its inflation estimate for this year and the next two years. In its July projection, the central bank increased its prognosis of this year’s harmonised inflation by 0.7 percentage points from April to 3.9 percent, by 0.4 percentage points to 3.4 percent for next year and by 0.1 percentage point to 3.1 percent for 2010, the SITA newswire wrote.

The NBS ascribed the increase to higher prices for food, energy and services.


“We can responsibly predict that in 2008, our inflation target, set at 2 percent, will be exceeded,” Peter Ševčovič, a member of the NBS Bank Board, said.

The central bank also increased its estimate of this year’s end-year inflation from 2.8 percent to 4 percent.

The central bank predicts that the Slovak economy will grow faster than originally expected. While in April it projected real gross domestic product (GDP) growth at 7.4 percent. In its current prognosis it projects it at 7.6 percent.


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