Inflation fell close to zero
Consumer prices dropped by 0.4%, month-on-month, and increased by mere 0.1%, year-on-year. The gap between real inflation and the inflation forecast of the central bank (0.6%, y/y) thus widened to half of percentage point.
Fuel prices were the main factor pressing inflation down – fuel was by 2.4% cheaper than in October. Food prices went down by 0.8%, m/m. Prices of many dairy products fell because of the abolition of European milk quotas.