The pace of growth of consumer prices in Slovakia is continuing to fall. Inflation in May reached 3.4 percent year-on-year, compared to 3.6 percent in April. Over the first five months of 2012, consumer prices in Slovakia rose by 3.7 percent year-on-year. The month-on-month growth of prices slowed to 0.1 percent in May. In April prices increased by 0.3 percent month-on-month, the Slovak Statistics Office reported on Wednesday, June 13, as quoted by the SITA newswire.
In year-on-year terms, prices rose fastest in transport (by 7.1 percent), in health care and education (by 5.7 percent), and in housing, water and energy supply (by 4.4 percent). Prices were also higher for miscellaneous goods and services, hotels, cafes and restaurants, alcoholic beverages and tobacco, food and soft drinks, clothing and footwear, recreation and culture, and furniture, household equipment and routine household maintenance. Prices of postal services and telecommunications fell by 0.2 percent.
On a monthly basis in May (compared to April), prices rose most for clothing and footwear, by 1.2 percent. Prices remained at last month's level in housing, supply of water, electricity, natural gas and other fuels, furnishings, household equipment and routine maintenance, postal services and telecommunications, recreation and culture, education and miscellaneous goods and services. Slovakia achieved its lowest inflation rate of recent times in 2010, when a sharp weakening of demand resulting from the financial and economic crisis pushed it down to 1 percent. Last year, inflation rose again. According to the national methodology, average inflation in 2011 was 3.9 percent, in line with the expectations of the Finance Ministry. This year, the ministry envisages a fall in inflation to 2.8 percent.
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.