BUSINESS IN SHORT

Inflation accelerates to 4.1 percent

YEAR-ON-YEAR inflation in consumer prices measured by the European Harmonised Index of Consumer Prices (HICP) reached 4.1 percent in August, compared to 3.8 percent in July. The average annual inflation rate grew by 0.2 percentage points month-on-month to 2.9 percent in August, the SITA newswire reported.

YEAR-ON-YEAR inflation in consumer prices measured by the European Harmonised Index of Consumer Prices (HICP) reached 4.1 percent in August, compared to 3.8 percent in July. The average annual inflation rate grew by 0.2 percentage points month-on-month to 2.9 percent in August, the SITA newswire reported.

According to the National Bank of Slovakia (NBS), the country’s central bank, 4.1 percent is not as high as it had expected.

“In comparison with the previous month the year-on-year dynamic increased by 0.3 percentage points, mostly because of a more progressive rise in the prices of energy,” the NBS stated, as quoted by SITA.

Prices for housing and energy grew by most during the monitored period, up 7.6 percent, followed by transportation prices, up 6.1 percent. Prices for foodstuffs and soft drinks rose 5.3 percent, while the cost of education increased 4.6 percent.

On the other hand, prices for furniture, household equipment and common household maintenance were 0.5 percent lower than a year ago.

The inflation rate is expected to gradually accelerate during the remaining months of 2011 and analysts predict it will stand at 4.3 percent at year-end.

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