Macroeconomic Forecast Slovakia

Growth in the harmonised index of consumer prices (HICP) quickened in August, coming in at 4.1% y-o-y in August, up from 3.8% in July. The 'food and non-alcoholic beverages' component of the consumer price basket rose by 5.3% y-o-y, while prices of utilities increased by 7.6% y-o-y. Transport also experienced a strong annualised rise of 6.1% y-o-y. With global commodity prices to remain elevated and Slovakia's economic recovery to continue apace, we forecast HICP to average 3.7% this year before falling back to 3.0% in 2012.

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