BUSINESS IN SHORT

Inflation slowed in December

THE INFLATION rate, measuring the prices of all goods and services, continued slowing at the end of last year. December’s inflation rate fell to 4.4 percent year-on-year (y-o-y) in comparison to November’s y-o-y rate of 4.9 percent, the Statistical Office of the Slovak Republic reported.

THE INFLATION rate, measuring the prices of all goods and services, continued slowing at the end of last year. December’s inflation rate fell to 4.4 percent year-on-year (y-o-y) in comparison to November’s y-o-y rate of 4.9 percent, the Statistical Office of the Slovak Republic reported.

December’s annual inflation rate was lower than the 4.6 percent that had been expected by analysts, the ČTK newswire wrote.

The moderation in price growth was most significant in the transportation segment which recorded a year-on-year inflation rate of only 4 percent.

According to ČTK, this category also includes the prices of fuel. On the other hand, the biggest increases, by as much as 11 percent, were in the prices of housing and energy utilities when compared with December 2007.

The decrease in December’s overall month-on-month inflation rate was the first noted since September 2006.

Compared just to November, the most significant price decrease, 2.8 percent, was in the transportation sector as the price of fuels and oil fell by 8.9 percent.

The overall price of food fell by 0.1 percent.

Prices of alcohol and tobacco products increased by 1.2 percent while housing, water, electricity and gas prices increased by 0.1 percent.

The inflation rate calculated for the whole of 2008 was 4.6 percent.

Maintaining a low inflation rate was one of the key measures which Slovakia had to meet to enter the eurozone.


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