Slovakia: Consumer prices fall for 23rd consecutive month
October’s figure was mainly driven by higher prices for clothing, food and miscellaneous goods, according to the Statistical Office of the Slovak Republic (SOSR).
In annual terms, consumer prices declined 0.3% in October, which followed September’s 0.5% fall. Consumer prices have been falling on an annual basis uninterruptedly since December 2014.
Meanwhile, the harmonized index of consumer prices rose 0.3% in monthly terms in October (September: 0.0% month-on-month).
Harmonized consumer prices fell 0.3% annually, following September’s 0.5% decline. In the 12 months up to October, HICP consumer prices have fallen, on average, 0.6%.
The National Bank of Slovakia (NBS) expects harmonized consumer prices to fall 0.5% in 2016 and to increase 1.1% in 2017.
FocusEconomics Consensus Forecast participants expect harmonized consumer prices to decline 0.4% in 2016, which is unchanged from last month’s forecast.
For 2017, the panel expects HICP inflation to come in at 1.2%, which is also unchanged from last month’s forecast. ■