BRATISLAVA, September 14, (WEBNOVINY) – The price increase in Slovakia measured by the EU methodology accelerated to 4.1 percent in the eighth month. In July, harmonized inflation represented 3.8 percent. The average annual inflation rate grew 0.2 percentage points from July to 2.9 percent in August. Consumer prices measured by the Harmonized Index of Consumer Prices (EU HICP) ticked up in the eighth month 0.1 percent. This stems from data disclosed by the Statistics Office of the Slovak Republic.
Prices of housing and energies swelled the most in the monitored period, namely by 7.6 percent, followed by transportation prices, up 6.1 percent. Prices of foodstuffs and soft drinks grew 5.3 percent, while the cost of education increased 4.6 percent. On the other hand, prices of furniture, household equipment and common house maintenance were 0.5 percent lower than a year ago.
Regarding the monthly comparison, the Statistics Office found that prices of housing, water, electricity, gas and other fuels rose 1.3 percent in August. Transportation prices grew 0.3 percent. Prices of alcoholic beverages and tobacco, as well as of furniture, household equipment and common house maintenance increased 0.2 percent. On the contrary, prices of foodstuffs and soft drinks dropped 0.9 percent, clothing and footwear 0.3 percent, and prices in the sectors of posts, telecommunications, recreation and culture declined 0.2 percent.
Wednesday’s statistical data thus confirm the growing pace of inflation. At the start of the week, the Statistics Office released data on accelerating inflation measured by the national methodology from July’s 3.7 percent to 4 percent in August. At the end of last year, year-on-year harmonized inflation reached 1.3 percent, while in the previous year, consumer prices measured by the harmonized index stagnated due to weakened demand. This year, inflation is expected to gradually accelerate. Bank analysts predict it at 4.3 percent at the end of 2011.
SITA
