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Deflation in Slovakia Running at 0.6%

Consumer prices in Slovakia have fallen in October by 0.6% compared to the same month last year, according to the Central Statistics Office (SO). 

Prices in October fell by 0.1% compared to the previous month alone, according to the statistics.

The most significant fall came in the transport sector, which showed an annual decline of 7.6%. Housing and utility bills that include; gas, electricity and water had an annual decline of 1.8%.

Prices of hotels, cafes and restaurants increased by 2% over the year, with education increasing by 1.3% and health services by 1%.

Despite the high rate of deflation in Slovakia, the economy is growing and the domestic consumption growth rate is at the highest since 2010. The economic growth rate this year is expected to be well over 3%.

Continued EU structural funds to Slovakia are likely to prop up the healthy growth figures. Recently, The Institute of Financial Policy (IFP), a government think tank, said that one third of Slovakian growth can be attributed to such funds alone.

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