BUSINESS IN SHORT

Prices fall by 0.1 percent in October

SLOVAK consumer prices measured by the European Union's Harmonised Index of Consumer Prices (HICP) dropped in October on an annual basis for the first time ever. According to figures released by the Statistics Office of the Slovak Republic, consumer prices decreased 0.1 percent year-on-year. Harmonised inflation had hit zero in September, with prices stagnating at 2008 levels, the SITA newswire reported.

SLOVAK consumer prices measured by the European Union's Harmonised Index of Consumer Prices (HICP) dropped in October on an annual basis for the first time ever. According to figures released by the Statistics Office of the Slovak Republic, consumer prices decreased 0.1 percent year-on-year. Harmonised inflation had hit zero in September, with prices stagnating at 2008 levels, the SITA newswire reported.

Average 12-month inflation fell by 0.4 percentage points from September to 1.5 percent. Average consumer prices rose 0.2 percent in annual terms. In September consumer prices were 0.1 percent lower than in August.

In a year-on-year comparison the Statistics Office reported the sharpest decrease in prices for food and soft beverages (5.8 percent). Prices for transportation fell by 4.8 percent. Prices of furniture and household equipment went down by 3.1 percent, prices of clothing and footwear by 1.9 percent and prices related to culture and relaxation by 0.8 percent.

Prices of tobacco and alcoholic drinks increased most (by 9 percent). Prices in the health sector rose 7.7 percent, prices related to education went up 5 percent and hotels, cafes and restaurants reported year-on-year price growth of 2.7 percent. Prices for housing and energy were 1.9 percent higher. Prices of miscellaneous goods and services went up by 1.5 percent and prices for postal and telecommunications services jumped 1.2 percent.

Harmonised inflation hit further historical lows in line with expectations, slipping into negative numbers in October. Inflation measured according to Slovakia’s national methodology reached 0.4 percent on an annual basis, which was another all-time low, following the 0.6 percent reported in September, SITA wrote.


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