CORRECTED - INSTANT VIEW-Slovak CPI at 2-yr high, trade back in surplus

                                
 (Corrects Jan trade balance surplus to 136.0 mln euro, not 36.0
mln euro)
                                
 BRATISLAVA, March 11 (Reuters) - Slovakia's consumer prices,
rose as expected by 0.3 percent on the month in February,
putting the annual inflation rate at a two-year high of 3.3
percent, the Statistics Office said on Friday.
                                
 Analysts in a Reuters poll had forecast prices to rise by
0.3 percent on the month and by 3.3 percent on the year.
                                
 Inflation increased -- month-on-month -- mainly due to a 1.1
percent rise in prices of food and non-alcoholic beverages,
which traditionally have a strong weight in the overall
inflation basket.
                                
 In a separate release data showed that the foreign trade
balance swung back into surplus of 136.0 million euro in
January, following a revised 241.8 million euro deficit in
December.
                                
 
===============================================================
SLOVAK HEADLINE INFLATION
                                
                         FEB 11    FEB 11 FCAST
  pct change mo/mo           +0.3        +0.3
  pct change yr/yr           +3.3        +3.3
(Full February data table ............. [ID:nBSD002469])
SLOVAK FOREIGN TRADE BALANCE
FOREIGN TRADE        JAN 11        JAN 11 MKT FCAST
(mln euro)
Imports              4,034.4
Exports              4,170.4
Balance               +136.0         +33.8
(Full January data table ................. [ID:nLDE72A0LW])
===============================================================
                                
 
                                
 ANALYSTS COMMENT:
                                
 LUBOMIR KORSNAK, ANALYST, UNICREDIT BANK
                                
 "The inflation rate accelerated mainly due to a rise in
prices of food. We expect that inflation will continue to
accelerate in the months to come, driven mainly by oil and food
prices."
                                
 "We see end-year inflation rate at 4.0 percent, the
full-year average at 3.6 percent."
                                
 "As for the foreign trade, exports have reached its
pre-crisis levels, and there was also a bigger rise in imports,
again mainly due to oil prices."
                                
 
                                
 MARIA VALACHYOVA, SENIOR ANALYST, SLOVENSKA SPORITELNA
                                
 "Inflation was in line with our expectations, it was driven
by food prices month-on-month. We expect the inflation rate to
stay around 3.3 percent in the first half of the year and it
could rise to around 4.0 percent in the second half."
                                
 "The rise in Slovakia's annual inflation rate is mainly due
to a one-off jump in regulated energy prices in January, while
in the euro zone there was a continuing and gradual rise in
energy prices throughout 2010."
                                
 
                                
 DETAILS
                                
* INFLATION
 - For month-on-month inflation, prices of food and
non-alcoholic beverages increase by 1.1 percent in February,
after a 2.6 percent rise in the previous month.
- Transportation is up by 0.3 percent in February, following a
3.4 percent jump in the previous month and a 1.1 percent rise in
December.
- Prices of alcoholic beverages rise by 0.3 percent after a 0.6
percent increase in the previous month.
- Housing, water, electricity, gas and other utility prices rise
by 0.3 percent, after a 3.4 percent increase in January.
- Recreation and culture-related prices edge up by 0.1 percent
in February, after 0.4 percent rise in January.
                                
 
                                
 * TRADE
- Imports rose by 33.3 percent in January, while exports grew
35.4 percent after a 23.4 percent rise in the previous month.
- The cumulative January-December foreign trade balance showed a
137.5 million euro surplus, compared with 946.1 million euros in
the same period last year.
- Imports rose by 25.5 percent in 2010, compared with a 22.9
percent drop in the previous year. Exports increased by 22.8
percent, following a 19.8 percent decline in 2009.
- Full-2008 foreign trade balance showed a 757.8 million euro
gap, after a 725.0 million euro gap in 2007.
                                
 
                                
 BACKGROUND
 - Slovakia, a euro zone member since January 2009, was severely
hit in 2009 by the global economic downturn as demand for its
exports faded in its main western markets.
- The country's economic activity has been slowing from record
growth rates seen in 2007, when it posted 13.5 percent GDP
growth in the fourth quarter and 10.6 percent for the year.
- The heavily export-reliant economy contracted by 4.8 percent
in 2009, but it was recovering from the crisis at an
above-average pace and  rose by 4.0 percent in 2010, and is
expected to rise by 3.4 percent according to the finance
ministry's latest forecast.
- The central bank expected the economy to slow down to 3.0
percent this year, on impacts of planned fiscal consolidation
and external trends.
                                
 
                                
 LINKS:
 - For further details on past data, Reuters 3000 Xtra users can
click on the Slovak Statistics Office's website:
http://wwww.statistics.sk/webdata/english/index2_a.htm
- For LIVE Slovak economic data releases, click on......<ECONSK>
- Schedule of upcoming indicator releases............<SK/ECON09>
- Summary of short-term economic data forecasts......<SK/ECON04>
- Slovak benchmark state bond prices .................<0#SKBMK=>
                                
 
                                
(Reporting by Martin Santa; editing by Patrick Graham)