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Prices continued to fall in February

Consumer prices fell in 0.5 percent in February as compared to the same month in 2014, while in January the decline was 0.4 percent.

Lower fruit prices helped push down inflation.(Source: SME)

Prices also fell in the month-on-moth comparison, declining in February 0.2 percent against January, the SITA newswire quoted the Slovak Statistics Office (ŠÚ) on March 12.

In transport, prices decreased y-o-y in 7.7 percent; in food and non-alcoholic beverages by 1.9 percent; in housing, energies and fuels by 0.6 percent; in postal services and telecoms by 0.4 percent. Prices increased in education by 3.1 percent; in furnishings and house maintenance by 2.1percent; in miscellaneous goods and services, and in alcohol and tobacco both by 1.7 percent. Prices also grew in clothing, restaurants and hotels, leisure time and culture and health.

Month-on-month, the prices decreased in transport (1.2 percent), clothing (0.7 percent), food and non-alcoholic ebverages and alcohol-tobacco both in 0.3 percent; prices of furnishings grew in 0.3 percent m-o-m, hotels and restaurants (0.2 percent); and health (0.1 percent). Prices for housing, energy and fuel; postal and telecom services and leisure time and culture remained flat. 

“The main reason for declining prices remains also in February unchanged – the cheap oil,” UniCredit Bank analyst Ľubomír Koršňák told SITA. “Despite the oil prices already starting to grow in February, the price of fuel in Slovakia has been still declining since mid February.” However, Koršňák also sees the regulated prices and groceries as behind the year-on-year decline. He added that currently there is no stronger inflation “pull”, and the trend should continue for most of this year. In March, the y-o-y declines should begin to lessen. 

Inflation should remain around zero, or slightly below zero, also for the rest of the year, with a speed-up of the growth of prices y-o-y expected only towards the end of 2015. 

Topic: Economics

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