http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-08-06.htmlPrice development Inflation will likely continue in a decelerating trend also in July. Disinflationary process, caused by generally lower prices of food and industrial goods, owes to crises, lower demand and lower prices of agricultural products (which is amplified by seasonality in summer). Substantially lower prices of oil than a year ago helped to ease pressure on energy prices as well. At the moment, there is uncertainty regarding the size and timing of a cut in energy prices. TheThu, 06 Aug 2009 09:30:53 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-08-06.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-07-08.htmlPrice development We expect annual consumer inflation to continue slowly declining in June, from 2.2% seen in May to 2.1% in June. On the month, we assume price growth by 0.2%, due to higher prices of gasoline and services. We expect prices of food to stay unchanged as compared to May. Harmonized inflation is likewise to decline, we expect it to shrink to below 1% y/y. Real economy Industrial production figure kicks out the monthly data package today. We expect slight improvement on an annualWed, 08 Jul 2009 08:12:23 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-07-08.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-05-07.htmlPrice development Low demand pressures and still favorable commodity prices will likely allow inflation to decline further in April. Harmonized inflation should decline to 1.7% y/y and national headline inflation could stagnate at 2.6% y/y, in our view. Depreciation of neighboring currencies, putting pressure on Slovak retail margins is a downward risk to our inflation estimates (anecdotal evidence suggests that some food retail chains have adjusted their prices after Slovaks increased theirThu, 07 May 2009 16:56:07 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-05-07.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-04-16.htmlPrice development Consumer inflation likely continued in deceleration trend also in March, in an absence of demand pressures and in environment of low commodity prices. We expect prices of services to push consumer price index slightly up as compared to the month ago. Nevertheless, annual inflation rate should slightly decline, from 3.1% in February to 3.0% in March. Like-wise, harmonized inflation decelerated in our view to 2.2% y/y. In the course of the year we expect inflation to declineThu, 16 Apr 2009 09:08:33 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-04-16.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-03-04.htmlPrice development We expect consumer price index to have increased by 0.3% on the month in February, owing to increase in prices of seasonal vegetables, services and imputed rents. This should be partially offset by declining prices of fuels and heat. We expect harmonized inflation to increase in lesser extent, by 0.1-0.2% on the month because imputed rents, equivalent of home owners rent, which we expect to increase are included only in CPI index and not in harmonized inflation. On annualWed, 04 Mar 2009 17:38:50 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-03-04.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-02-09.htmlPrice development In January, consumer inflation should continue in a declining trajectory. We expect annual inflation to have declined to 3.5% from 4.4% in December. We assume that consumer prices increased in January on monthly basis by 0.5%, on the back of rising prices of food, services and imputed rents. This should be somewhat compensated by the declining prices of heat energy and fuels. Producers and service providers usually re-price their products at the beginning of the year, whichMon, 09 Feb 2009 10:00:42 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-02-09.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-01-09.htmlPrice development and Annual inflation likely decelerated in December; we expect CPI inflation to dip a notch from 4.9% in November to 4.8% in December. Likewise, harmonised inflation, which does not include imputed rents (equivalent of homeowners' rent), should decline to 3.8% in December according to our estimate. Structure-wise, we will likely see another increase in prices of tobacco, and possibly seasonal increase in food. On the other hand, prices of fuel declined by around 9% m/m inFri, 09 Jan 2009 09:33:39 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2009-01-09.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2008-12-03.htmlPrice development and real economy Annual inflation will continue in its declining tendency through November, in our view. On the monthly basis, expected increase in prices of tobacco and food will be into large extent compensated by the cheaper prices of fuel. We expect gradual decline in inflation over coming months as the pressure on energy prices eased with the steep decline in oil prices. As usually, there is higher uncertainty about January inflation figures, as some services areWed, 03 Dec 2008 15:24:07 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2008-12-03.htmlhttp://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2008-10-08.htmlPrice development and real economy After following an upward trend for the past eight months, the inflation rate will likely decline in September to an annual rate of 4.8%, down from 5.0% in August. The seasonally lower prices of vegetables and lower prices of oil should help to contain growth in cigarette prices in September. Outlook for the final quarter of the year depends on whether the regulatory body okays the hike in energy prices for households (demanded by the gas distributor) or not.Wed, 08 Oct 2008 08:30:43 GMThttp://www.fxstreet.com/technical/forex-forecasts/Rainer.Singer@erstebank.at (Erste Bank der oesterreichischen Sparkassen AG)http://www.fxstreet.com/technical/forex-forecasts/monthly-forecasts0908/2008-10-08.html