Slovak inflation eased to 8.2% y/y in September
Consumer price indices (inflation) in Slovakia increased by 8.2% year-on-year and by 0.3% month-on-month in September.
It is 0.7 percentage points down on the y/y growth in August, as the easing of inflation has continued steadily since March.
“The slowdown in price growth rate continued to be reflected in the most significant components of household expenditures: prices of food currently rose by only 11.3%, housing by 6.5%” y/y, the country’s statisticians highlighted.
The 6.5% y/y growth in the housing sector was also the lowest registered price growth since the end of 2021.
The m/m rise was due to the “influence of increasing school and health fees, prices of services of telecommunication operators, as well as fuel prices,” statisticians also noted.
The most significant m/m increase in prices was registered by education (3.1%), followed by the transport segment (0.5%), where the growth was driven by the increase in fuel prices (1.2%). Prices of dentist services climbed by 2.2%, telecommunications services by 2.6% and prices of alcoholic beverages and tobacco by 0.6%.
Food and non-alcoholic beverage prices remained unchanged m/m, with vegetable prices decreasing by 2.3% and milk, cheese and eggs by 0.5%. Bread and meat prices gained slightly. Prices in the sector of housing and energy also remained unchanged.
Y/y, growth eased in eight of the twelve monitored divisions, and the pace of growth also eased in all nine food components. Only sugar, jam and confectionery maintained a growth above 20%.
From January-September inflation grew by 12% y/y. In households of employees, it grew by 11.9%, in low-income households by 12.7%, and in households of pensioners by 12.5%.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
Czech industrial production increased by 1.9% year on year and by 2.8% month on month in October. The October increase follows a 5% slump registered in September, which alarmed local analysts.
Since 2018, economy has carried risk of severe balance of payments crisis. For the removal of that risk, the central bank’s net in and off-balance sheet FX position should at least turn positive.
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