Macroeconomic Forecast Slovakia

The disinflationary trend in Slovakia remains firmly in play according to latest data from the Statistical Office of the Slovak Republic, with consumer price inflation coming in at 0.7% y-o-y in June, down from 1.1% and 1.4% in May and April, respectively. Food and transport prices remained firmly in deflationary territory, with prices contracting by 5.5% y-o-y and 6.4%, respectively. This latest data confirms our view that Slovakia will likely experience deflation at some point this year, though we expect low base effects in Q4 to help push consumer price inflation higher to our 1.0% end-year forecast.

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