Increasing energy prices represent one of the main drivers of the recent increase of HICP inflation to double-digit figures. In this Policy Brief we focus on the first-round effects of increased energy prices on Slovak firms. Our results based on firm level data suggest that increasing energy prices may have a significant direct impact on the profitability of many firms. Without adjusting their prices, the number of firms reporting losses could increase substantially as a result of energy price increases. Moreover, almost all firms with high energy costs would end up with a loss. Therefore, we assume firms transmit increased energy costs to producer prices. The direct effect may reach up to 8% in some sectors to compensate for higher input costs if energy prices double. As energy intensive industries are important suppliers to other domestic industries, we may also expect significant upward second-round effects on producer prices and ultimately increasing consumer prices.

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31.8.2022 spustila Národná banka Slovenska publikáciu nového formátu pod názvom Policy Briefs.

Pod týmto formátom bude môcť odborná verejnosť čítať príspevky, ktoré sú výsledkom ekonomických analýz ekonómov a výskumníkov naprieč oddeleniami banky. Tieto príspevky budú publikované výlučne v anglickom jazyku a budú reflektovať myšlienky a analytickú prácu zamestnancov banky a našu expertízu v špecifických oblastiach, ktorú by sme radi zdieľali s expertami v medzinárodnom priestore.

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