The indicator for core inflation, excluding indirect tax effects, was 1.0% in March, falling from 1.2% in the previous month. The indicator for demand-sensitive inflation, which excludes processed foods from core inflation, was 1.5%, slipping from 1.6%; while the indicator for sticky price inflation, which includes items for which retail prices vary, on average, no more than 15% a month, was 1.7%, down from 1.8% in the previous month.
“The levels of the measures continue to indicate a moderate inflation environment,” the MNB said.
“The contribution of demand-sensitive products to inflation has been broadly unchanged in recent months, while changes in the more volatile items, i.e. food and energy, sensitive mainly to cost changes, have had a downward effect on prices,” it added.
Householdsʼ inflation expectations were unchanged and remained at “moderate levels slightly below the tolerance band around the inflation target”, the MNB said.
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