Inflationary Pressures Coming Into Sight

Given a third consecutive month of positive consumer price inflation in Macedonia, we believe that the deflationary trend which emerged in H209 has come to an end. Indeed, we foresee a return of inflation in 2010 with an end-year target of 2.5%. This increase in prices will occur on the back of a recovery in domestic demand, sustained gains in commodity prices as well as loose monetary policy as a result of the denar's euro

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