Lower Inflation In 2012

While we have revised our forecasts for Slovakia's consumer price inflation (HICP) slightly upwards in 2011, bringing the average to 3.9%, from 3.7% previously, while we hold to our 2012 forecasts for HICP to end the year at 2.6% and average 3.3%. A combination of more moderate commodity prices and subdued demand-pull price pressures due to the deteriorating external environment underpin this view.

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