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Slovakia: Drop in consumer prices softens in November

Staff Writer |
In November, consumer prices edged up 0.1% from the previous month, which followed the 0.2% increase registered in October.

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November’s figure was mainly driven by higher prices for food and non-alcoholic beverages as well as for hotels, cafes and restaurants, according to the Statistical Office of the Slovak Republic (SOSR).

In annual terms, consumer prices declined 0.2% in November, which followed October’s 0.3% fall. Consumer prices have been falling on an annual basis uninterruptedly since December 2014, FocusEconomics reports.

Meanwhile, the harmonized index of consumer prices rose 0.1% in monthly terms in November (October: +0.3% month-on-month). Harmonized consumer prices fell 0.2% annually, following October’s 0.3% decline.

In the 12 months up to November, HICP consumer prices have fallen, on average, 0.5%.

The National Bank of Slovakia (NBS) expects harmonized inflation to be 1.2% in 2017 and to increase to 1.8% in 2018. 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 inflation to be 1.1% in 2017, which is down 0.1 percentage points from last month’s forecast. For 2018, the panel expects HICP inflation to rise to 1.9%.

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