Analysts: Consumer Inflation Didn't Surprise in February

14. marca 2019 20:50
Bratislava, March 14 (TASR) - Consumer inflation was not surprising even in February, although it's possible to find again some small surprises in its structure, said UniCredit Bank Czech Republic and Slovakia analyst Lubomir Korsnak commenting on the inflation in February. "According to the data from the Statistics Office, consumer prices in Slovakia increased by 0.2 percent on average in February, with the dynamics of their year-on-year growth accelerating from 2.2 percent to 2.3 percent. The acceleration of the year-on-year growth in prices has to be attributed in particular to the statistical base effect on food prices and the correction of oil prices on world markets, while the slowdown in demand inflation slightly surprised," he said. "Inflation in the coming months should be anchored at the level we observed in the first months of the year and it should be in the range of 2.2 to 2.5 percent. Its dynamics could begin again gradually (but only temporarily) accelerating towards 3 percent in the second half of the year, under the influence of the base effect in fuel prices. According to Slovenska sporitelna analyst Katarina Muchova, the February inflation was mainly affected by food prices, which rose month-on-month by 0.3 percent, and transport prices, which grew month-on-month by 1.1 percent. They were affected by higher fuel prices, reflecting the price of oil in recent months. Prices of clothing and footwear decreased by 0.9 percent compared to January. Prices of services also increased in February, reflecting the improving labour market situation and, consequently, the higher disposable income of households. "Overall, we expect consumer prices to grow by 2.5 percent this year," added Muchova. The Statistics Office reported that consumer prices went up by 0.2 percent month-on-month in February. Prices increased by 2.3 percent y-o-y in February. am/mcs/mf
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