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Slovakia – higher inflation rate then in 2010

17. January, 2012

According to Slovak Central Bank (NBS) the rise of prices in Slovakia in 2011 was a result of a higher inflation in 2011 compared to 2010, but price growth was higher in Slovakia than the average in the Eurozone.

The EU-harmonized inflation rate in Slovakia over the past 12 months was 4.1 percent, up from rate of 0.7 percent rate in 2010. NBS wrote that the higher level of prices in 2011 was due to higher energy and foodstuff prices as well as the increase in the VAT rate from 19 to 20 percent.

Energy prices in Slovakia rose by 10.5 percent in 2011 while foodstuff prices rose by  5.5 percent .

The NBS predicts that the inflation rate will fall to 4 percent in January.