Inflation Down in July; To Rise Again in August

According to the latest figures of the Statistical Office SR, year-on-year inflation in July came to 2.7% based on the harmonised index of consumer prices (HICP), dropping 0.3% over the previous month of June.

photo (c) The Daily

Inflation was down thanks to mild drops in the prices of most consumer goods, like food, clothing, shoes, furniture, alcohol and tobacco. The overall figure over the previous 12 months averages out at 3.8%, but even that has dropped from the 4% recorded last month.

The development was mainly due to slightly lower prices for food and non-alcoholic drinks, clothes and shoes, furniture, house furnishings and ordinary household maintenance, alcoholic and tobacco products.

Nevertheless, the level of annual inflation is expected to start creeping up again in August according to the National Bank of Slovakia (NBS), which projects it to exceed 4% for August, thanks chiefly to higher prices of gas, heating and public transport.

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