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Slovakia Inflation February 2023

Slovakia: Harmonized inflation comes in at highest level since June 2000 in February

Harmonized inflation rose to 15.4% in February from January’s 15.1%. February’s result marked the highest inflation rate since June 2000. Looking at the details of the release, prices for food, transport and restaurants and hotels increased at a faster rate in February.

Annual average harmonized inflation rose to 13.3% in February (January: 12.7%). Meanwhile, consumer price inflation ticked up to 15.4% in February (January: 15.2%) as did core inflation, which accelerated to 16.6% (January: 16.5%).

Finally, harmonized consumer prices rose 1.14% from the previous month in February, which was below January’s 2.85% rise.

On the outlook, analysts at the EIU commented:

“Inflation will remain high in the coming months, with core inflation having outpaced headline inflation, signifying a broadening of inflationary pressures. We forecast annual inflation of 9.3% in 2023. Although wages have been rising, an uncontrollable wage-price spiral is highly unlikely owing to falling real wages.”

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