Consumer prices up by 1.4 percent in July

Consumer prices in Slovakia increased by 1.4 percent year-on-year in July 2017, according to the Slovak Statistics Office. Prices increased the most in the following categories in July: in food and non-alcoholic beverages by 4.2 percent, in transport by 3 percent and in health care by 2.7 percent. Conversely, consumer prices fell year-on-year in the following sectors: in housing, water, electricity, gas and other fuels by 1.1 percent and in furniture, housing accessories and maintenance by 0.3 percent. Prices in footwear and clothing remained flat in July. "The July inflation exceeded our expectations, as we counted on inflation going up from 1.0 percent to 1.2 percent," said Slovenská Sporiteľňa Chief Economist Maria Valachyová. Her colleague from UniCredit Bank Czech Republic and Slovakia, Ľubomír Koršňák, added that: "The effect of last July's cut in regulated gas prices was behind the acceleration of inflation, as well as continuing growth in food prices and acceleration in demand inflation supported by growing domestic consumption and a strong labour market."