Slovakia’s inflation higher than EU average

The inflation rate in Slovakia stood at 3.8 percent in June. While it reaches the average of the central and eastern European countries (CEE), which reported an inflation rate of 3.7 percent, it is significantly higher than the average of the European Union, which stood at 2.5 percent, the TASR newswire reported on August 1.

The inflation rate in Slovakia stood at 3.8 percent in June. While it reaches the average of the central and eastern European countries (CEE), which reported an inflation rate of 3.7 percent, it is significantly higher than the average of the European Union, which stood at 2.5 percent, the TASR newswire reported on August 1.

The acceleration in the growth of consumer prices over the past few months has been caused especially by increases in food prices, which went up by 4.4 percent year-on-year in July. The increase was similar to the CEE average of 4.5 percent.

“Food prices in Slovakia even reported the slowest growth within the Visegrad Group (V4) countries [Hungary, the Czech Republic, Poland and Slovakia],” said Ľubomír Koršňák, chief economist of the UniCredit Bank, pointing to increases in VAT seen in the Czech Republic as well.

Inflation should continue to rise due to increasing global food prices in the near future, but the effects will not be the same in every country, Koršňák added. What goes into the consumer basket is one of the factors influencing the overall inflation rate in a given state, he explained, outlining the basic principle: the wealthier the country, the lower the share of spending on food.

Source: TASR

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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