Macroeconomic Forecast Slovakia

Consumer price inflation (as measured by the Harmonized Index of Consumer Prices) rose by 0.7%% y-o-y in April up from 0.3% in March according to the Statistical Office of the Slovak Republic. While the increase is supportive of the improvement in economic conditions within the real economy, we believe that inflation will not reach pre-crisis highs, and hold to our forecast for inflation of 1.5% by end-2010.

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