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Slovakia’s harmonized inflation rate drops slightly to 4.6 percent in December

The annual growth of consumer prices as measured by the harmonized index of consumer prices (HICP) was 4.6 percent in December, a drop of 0.2 percentage points compared with the November inflation rate, which was the highest since August 2008, according to the Statistics Office. The average twelve-month inflation rate was 4.1 percent in December, up 0.3 percent from November, the SITA newswire reported.

The annual growth of consumer prices as measured by the harmonized index of consumer prices (HICP) was 4.6 percent in December, a drop of 0.2 percentage points compared with the November inflation rate, which was the highest since August 2008, according to the Statistics Office. The average twelve-month inflation rate was 4.1 percent in December, up 0.3 percent from November, the SITA newswire reported.

The most significant price increases were in transport (by 10.3 percentage points), in prices for housing, water, electricity, gas and other fuels (8.2 percentage points), education (5.9 percentage points), health care (5.2 percentage points), and alcoholic spirits and tobacco products (4.6 percentage points). Prices of post and telecommunication rose by only 0.5 percentage points while prices for furniture did not change. Prices for recreation and culture dropped by 0.2 percentage point.

The harmonised inflation rate at the end of 2010 was 1.3 percent while prices in 2009 were essentially flat due to the lowered demand. The inflation rate in 2012 is predicted to slow down, mostly due to the slower economic growth. The prediction by the National Bank of Slovakia (NBS), Slovakia’s central bank, is that inflation in 2012 will be around 2.8 percent.

Source: SITA

Compiled by Radka Minarechová from press reports
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