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Consumer prices developed negatively also in July

SLOVAK consumer prices were cut by 0.2 percent in total in July as compared with June. Prices were reduced in food and non-alcoholic beverages by 1.3 percent; clothing and footwear by 0.9 percent, transport by 0.4 percent; furnishings, household equipment and routine maintenance of the house by 0.2 percent.

(Source: Sme )

Growth was registered in prices of leisure and culture by 0.5 percent; hotels, cafés and restaurants; miscellaneous goods and services equally by 0.2 percent; healthcare by 0.1 percent, the Slovak Statistics Office (ŠÚ) informed on August 12.

Prices remained at the level of June for alcoholic beverages and tobacco; housing, water, electricity, gas and other fuels; postal and telecommunication services and education.

In July 2015 consumer prices decreased by 0.2 percent in total compared to the same month of last year. Prices of transport fell by 5.7 percent, housing, water, electricity, gas and other fuels by 0.7 percent, food and non-alcoholic beverages by 0.2 percent. Price hikes were recorded in the following divisions: furnishings, household equipment and routine maintenance of the house by 2.4 percent, education by 2.1 percent, hotels, cafés and restaurants by 1.6 percent, miscellaneous goods and services by 1.1 percent, health by 1 percent, clothing and footwear by 0.8 percent, recreation and culture by 0.7 percent, alcoholic beverages and tobacco by 0.5 percent. Prices of postal and telecommunication services have not changed.

On average, over the first seven months of 2015, compared with the corresponding period of 2014, consumer prices were cut by 0.3 percent in total.

Apart from foodstuffs, also the decreasing prices of fuels – reacting to the global development of oil prices in June and July – pushed the inflation in Slovakia downwards in July, UniCredit Bank Czech Republic and Slovakia analyst Ľubomír Koršňák informed. “However, the decline month-on-month was recorded only in diesel; while the petrol prices continued to grow slightly,” he added. Without the decline in prices of transport, Slovakia would even see a mild increase in prices year-on-year, Koršňák said.  

“It continues to be true that there is no stronger inflation engine,” the UniCredit analyst explains. “This state is expected to continue also in the second half of this year. Moreover, the Regulatory Office announced further decline in prices of gas for households which should cut the total inflation by approximately 0.15 percentage points.”

Despite this, a return of inflation to positive figures is expected by the end of this year, while it should amount to close to just under 1 percent by the end of 2015, Koršňák summed up.

“The source of lower inflation in July was mainly a faster-than-expected decline in prices of processed food y-o-y, and a lower-than-expected growth of prices of unprocessed food y-o-y,” the central bank’s analysts opined, as quoted by the TASR newsire.

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Topic: Economics


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