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Year-on-year inflation in Slovakia hits 3.9 percent in January

Consumer prices in Slovakia increased by 3.9 percent year-on-year in January, the country’s Statistics Office announced on February 13, with the most significant price increases occurring in transport (7.6 percent) and in housing (5.7 percent). Significant price increases were also recorded in the categories of education (5.6 percent) and alcoholic drinks and tobacco (5 percent), the TASR newswire wrote, adding that prices decreased in postal and telecommunications services (0.1 percent).

Consumer prices in Slovakia increased by 3.9 percent year-on-year in January, the country’s Statistics Office announced on February 13, with the most significant price increases occurring in transport (7.6 percent) and in housing (5.7 percent). Significant price increases were also recorded in the categories of education (5.6 percent) and alcoholic drinks and tobacco (5 percent), the TASR newswire wrote, adding that prices decreased in postal and telecommunications services (0.1 percent).

In a month-on-month comparison, prices grew at an annual rate of 1.4 percent in January, with prices in the sphere of housing, water, electricity and gas growing fastest, by 3.1 percent m-o-m. Prices of clothes and footwear went down by 0.9 percent m-o-m.

The year-on-year inflation of 3.9 percent in January signals the beginning of a decline in the inflation rate in Slovakia, said several economic analysts in reaction to the statistics. "This process should continue throughout this year," said ČSOB analyst Marek Gabriš.

UniCredit Bank Slovakia analyst Ľubomír Koršňák foresees a similar development. "In the case of regulated prices, a reduction in gas prices is still in the frame. In the first half of the year, y-o-y growth in food prices should also decelerate," he stated, as quoted by TASR.

However, the analysts also noted that the inflation rate recorded in January was higher than originally expected.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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