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Dec 11, 2008, 8:05 GMT

Slovak inflation declined further in November

Bratislava - Slovakia's inflation declined for the second time this year as the central European country prepares to switch to the euro on January 1, government data showed Thursday. The annual inflation rate fell to 4.9 per cent in November, from 5.1 per cent the previous month and the 2008 peak of 5.4 per cent recorded in September, the Slovak Statistical Office said. Consumer prices had climbed since January when the indicator stood at 3.8 per cent, the data showed. The first Soviet satellite to enter Europe's monetary union, Slovakia has pledged to rein in inflation as part of its euro-adoption deal with the European Central Bank and the European Union. The Slovak economy has grown at a record pace in recent years as foreign automotive investors have settled in the country of 5 million, but is expected to cool amid the global financial crisis.

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