BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/24
Production trends in May were in line with previous months. Industrial output growth has long remained around 6 % and the growth of retail sales this year has remained below 10 % in real terms, which reflects slowdown in average disposable income to 6.5 % y-o-y in 1Q16.
May price trends held few surprises. Consumer price inflation slowed to 2 %, and there was a slight rise in the core inflation rate (food and energy excluded). Although May producer prices were still lower than a year earlier, prices on a monthly level have risen for three months in a row.