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Slovakia’s June inflation rate hits historic low of 0.7 percent

Harmonised inflation in June met analysts' expectations and posted the lowest level ever with consumer prices in Slovakia, measured by the harmonised index of consumer prices (HICP) of the European Union, showing 0.7 percent year-on-year growth, lower than the previously historic low reported in May of 1.1 percent, the Slovak Statistics Office reported.

Harmonised inflation in June met analysts' expectations and posted the lowest level ever with consumer prices in Slovakia, measured by the harmonised index of consumer prices (HICP) of the European Union, showing 0.7 percent year-on-year growth, lower than the previously historic low reported in May of 1.1 percent, the Slovak Statistics Office reported.

Slovakia reported similar dynamics in the summer of 2007 when Slovakia's price stability was closely monitored prior to its eurozone entry. At that time, harmonized inflation recorded its lowest level ever, as it was 1.2 percent in July and August. This was low enough for Slovakia to meet the Maastricht criterion.

Now, despite low figures, Slovakia has not been fulfilling this inflation target for three months. Inflation in other EU member states has been decreasing faster than in Slovakia and some countries are already at the border of deflation. Nevertheless, deflation in times of a crisis is considered to be a factor deteriorating economic development further, SITA wrote. SITA

Compiled by Zuzana Vilikovská from press reports
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