Slovak annual headline inflation eases further to 0.4% in December 2013

By bne IntelliNews January 14, 2014

Slovakia’s annual headline inflation eased further in December 2013 to 0.4%, a level not seen since the beginning of 2010, data from the statistics office showed. In November, the annual inflation stood at 0.5%. On a monthly basis, consumer prices edged down 0.1% in the last month of 2013, falling at the same pace as in November.

Prices of housing, water, electricity, gas and other fuels, which have the strongest weight in the consumer basket, ticked higher by 0.3% y/y in December, the same as the month before. Prices of food and non-alcoholic beverages, which have the second strongest weight in the basket, fell 0.9% m/m in December, easing the annual rise to 0.2% from 1.1% in November.

December’s annual core inflation was 0.4%, the same as in November.

For full-2013, consumer prices increased by 1.4% y/y on average. In the fourth quarter of the year consumer prices fell by 0.2% q/q, after declining by 0.1% q/q in Q3.

IntelliNews comment: The level of Slovak end-year consumer price inflation is much lower compared to the previous two years, reflecting subdued demand, the moderate salary growth and cautious consumer spending amid the high unemployment. The average annual inflation eased to 3.6% in 2012 from 3.9% in 2011.

  Dec-13, m/m change Nov-13, m/m change Dec-13, y/y change Nov-13, y/y change Jan-Dec-13, y/y change
Consumer prices, total -0.1% -0.1% 0.4% 0.5% 1.4%
Food and non-alcoholic beverages -0.9% -0.5% 0.2% 1.1% 3.5%
Alcoholic beverages and tobacco 0.0% -0.3% 2.4% 2.1% 3.0%
Clothing and footwear 0.0% 0.3% 1.1% 0.9% 1.0%
Housing, water, electricity, gas and other fuels 0.0% 0.1% 0.3% 0.3% 0.4%
Furnishings, household equipment and routine maintenance of the house -0.1% -0.3% -0.7% -0.5% 0.2%
Health -0.1% 0.2% 0.5% 0.6% 2.0%
Transport 0.1% -0.7% -1.2% -2.0% -1.1%
Communication 0.0% 0.0% -1.0% -1.0% 0.2%
Recreation and culture -0.1% -0.1% 0.9% 1.0% 1.8%
Education 0.0% 0.0% 5.7% 5.7% 6.5%
Hotels, cafes and restaurants 0.0% 0.2% 1.6% 1.7% 2.4%
Miscellaneous goods and services 0.2% 0.0% -0.2% -0.5% 1.3%
Source: Statistical Office of the Slovak Republic          
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