{"id":99855,"date":"2026-06-17T07:27:12","date_gmt":"2026-06-17T07:27:12","guid":{"rendered":"https:\/\/www.europesays.com\/sk\/99855\/"},"modified":"2026-06-17T07:27:12","modified_gmt":"2026-06-17T07:27:12","slug":"ecb-predpoklada-dalsie-zdrazovanie-tovarov-a-sluzieb","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/sk\/99855\/","title":{"rendered":"ECB predpoklad\u00e1 \u010fal\u0161ie zdra\u017eovanie tovarov a slu\u017eieb"},"content":{"rendered":"

\u010cL\u00c1NOK POKRA\u010cUJE POD REKLAMOU<\/p>\n

Zdra\u017eovanie sa v podobe infla\u010dn\u00fdch tlakov v euroz\u00f3ne pod\u013ea guvern\u00e9ra N\u00e1rodnej banky Slovenska (NBS) Petra Ka\u017eim\u00edra nekon\u010d\u00ed. Napriek ned\u00e1vnemu zv\u00fd\u0161eniu \u00farokov\u00fdch sadzieb Eur\u00f3pskou centr\u00e1lnou bankou (ECB) zost\u00e1va pod\u013ea neho riziko \u010fal\u0161ieho rastu cien<\/a> vysok\u00e9. D\u00f4vodom s\u00fa najm\u00e4 pretrv\u00e1vaj\u00face d\u00f4sledky energetickej kr\u00edzy a ich postupn\u00e9 prenikanie do celej ekonomiky. Pre dom\u00e1cnosti to v\u0161ak znamen\u00e1 aj predpoklad vy\u0161\u0161\u00edch \u00farokov najm\u00e4 na hypotek\u00e1rnych \u00faveroch.\u00a0<\/p>\n

Ka\u017eim\u00edr z\u00e1rove\u0148 nevylu\u010duje \u010fal\u0161ie zvy\u0161ovanie \u00farokov\u00fdch sadzieb v nasleduj\u00facich mesiacoch, uv\u00e1dza vo svojom koment\u00e1ri<\/a>.\u00a0<\/p>\n

Vy\u0161\u0161ie ceny energi\u00ed sa pren\u00e1\u0161aj\u00fa do zdra\u017eovania v celej ekonomike<\/p>\n

ECB minul\u00fd t\u00fd\u017ede\u0148 prv\u00fdkr\u00e1t od septembra 2023 prist\u00fapila k zv\u00fd\u0161eniu \u00farokov\u00fdch sadzieb. Depozitn\u00e1 sadzba sa zv\u00fd\u0161ila o \u0161tvr\u0165 percentu\u00e1lneho bodu na 2,25 %. Pod\u013ea Petra Ka\u017eim\u00edra i\u0161lo o nevyhnutn\u00fd krok v reakcii na rast\u00face infla\u010dn\u00e9 rizik\u00e1.<\/p>\n

\u201eNa\u0161a pr\u00e1ca e\u0161te nie je hotov\u00e1,\u201c uviedol guvern\u00e9r NBS v rozhovore pre agent\u00faru Bloomberg, informuje NBS<\/a>. Z\u00e1rove\u0148 upozornil, \u017ee cenov\u00e9 tlaky sa u\u017e neobmedzuj\u00fa iba na energie, ale postupne zasahuj\u00fa \u0161ir\u0161ie spektrum tovarov a slu\u017eieb.<\/p>\n

Pod\u013ea Ka\u017eim\u00edra sa situ\u00e1cia za\u010dala glob\u00e1lnym energetick\u00fdm \u0161okom, ktor\u00fd najsk\u00f4r zasahoval len niektor\u00e9 podniky. Dnes sa v\u0161ak vy\u0161\u0161ie n\u00e1klady na v\u00fdrobu a dopravu premietaj\u00fa do fungovania celej ekonomiky.<\/p>\n

\u201eVy\u0161\u0161ie ceny energi\u00ed s nami pravdepodobne zostan\u00fa dlh\u0161ie, ako mnoh\u00ed predpokladali,\u201c skon\u0161tatoval. Aj pr\u00edpadn\u00e9 zlep\u0161enie geopolitickej situ\u00e1cie pod\u013ea neho neprinesie okam\u017eit\u00fd n\u00e1vrat k n\u00edzkej infl\u00e1cii.<\/p>\n

Guvern\u00e9r upozornil, \u017ee ani ozn\u00e1men\u00e1 mierov\u00e1 dohoda medzi USA a Ir\u00e1nom nedok\u00e1\u017ee zo d\u0148a na de\u0148 odstr\u00e1ni\u0165 \u0161kody sp\u00f4soben\u00e9 konfliktom na Bl\u00edzkom v\u00fdchode. Obnovenie produk\u010dn\u00fdch kapac\u00edt a dod\u00e1vok energi\u00ed si bude vy\u017eadova\u0165 \u010das.<\/p>\n

\u201e\u010c\u00edm dlh\u0161ie bud\u00fa pretrv\u00e1va\u0165 probl\u00e9my s dod\u00e1vkami ropy a plynu z Perzsk\u00e9ho z\u00e1livu, t\u00fdm v\u00e4\u010d\u0161ie je riziko, \u017ee sa bude zdra\u017eovanie prejavova\u0165 v mnoh\u00fdch tovaroch a slu\u017eb\u00e1ch,\u201c upozornil Ka\u017eim\u00edr.<\/p>\n

\"Zdra\u017eovanie\"Zdra\u017eovaniezdroj: AIECB nevylu\u010duje \u010fal\u0161ie zvy\u0161ovanie sadzieb<\/p>\n

Pod\u013ea najnov\u0161\u00edch progn\u00f3z ECB zostane jadrov\u00e1 infl\u00e1cia, ktor\u00e1 nezah\u0155\u0148a ceny energi\u00ed a potrav\u00edn, nad dvojpercentn\u00fdm cie\u013eom minim\u00e1lne do roku 2028. Pr\u00e1ve tento ukazovate\u013e pova\u017euj\u00fa centr\u00e1lni bank\u00e1ri za d\u00f4le\u017eit\u00fd pri hodnoten\u00ed dlhodob\u00fdch cenov\u00fdch tlakov.<\/p>\n

\u201eInfla\u010dn\u00fd v\u00fdh\u013ead sa od marca 2026 jednozna\u010dne zhor\u0161il. Tlak cien energi\u00ed presakuje do celej ekonomiky. Vid\u00edme to v jadrovej infl\u00e1cii a to je nebezpe\u010dn\u00e9,\u201c povedal Ka\u017eim\u00edr.<\/p>\n

Hoci sa pod\u013ea neho zatia\u013e v\u00fdraznej\u0161ie neprejavuj\u00fa sekund\u00e1rne efekty v podobe prudk\u00e9ho rastu miezd alebo cien slu\u017eieb, existuje riziko, \u017ee sa objavia v nasleduj\u00facich mesiacoch. Zdra\u017eovanie teda m\u00f4\u017ee ma\u0165 svoje \u010fal\u0161ie n\u00e1sledky v ekonomike.\u00a0<\/p>\n

\u201eZatia\u013e to nie je vidno, no m\u00f4\u017ee to pr\u00eds\u0165. Vznik\u00e1 to nen\u00e1padne a ak nezasiahneme v\u010das, mohlo by to skuto\u010dne dorazi\u0165,\u201c uviedol v koment\u00e1ri zverejnenom N\u00e1rodnou bankou Slovenska.<\/p>\n

Ot\u00e1zkou pod\u013ea neho nie je len to, \u010di ECB sadzby zv\u00fd\u0161i e\u0161te raz, ale aj to, ak\u00fa \u00farove\u0148 bude potrebn\u00e9 dosiahnu\u0165 na n\u00e1vrat infl\u00e1cie k dvojpercentn\u00e9mu cie\u013eu, tvrd\u00ed Sme<\/a>.\u00a0<\/p>\n

\u201ePotrebujeme n\u00e1js\u0165 nov\u00e9 vhodn\u00e9 miesto. V \u013eudskej re\u010di to znamen\u00e1 nastavi\u0165 \u00farokov\u00e9 sadzby tak, aby bola menov\u00e1 politika dostato\u010dne pr\u00edsna a po ur\u010ditom \u010dase vr\u00e1tila infl\u00e1ciu nasp\u00e4\u0165 na \u017eelan\u00e9 \u00farovne,\u201c vysvetlil.<\/p>\n

Rozhodn\u00fa nov\u00e9 infla\u010dn\u00e9 \u00fadaje<\/p>\n

Ka\u017eim\u00edr odmietol \u0161pekulova\u0165, \u010di by \u010fal\u0161ie zv\u00fd\u0161enie sadzieb mohlo pr\u00eds\u0165 u\u017e na j\u00falovom zasadnut\u00ed ECB alebo a\u017e v septembri 2026. Zd\u00f4raznil, \u017ee rozhodovanie bude z\u00e1visie\u0165 od nov\u00fdch ekonomick\u00fdch \u00fadajov. Tie zachytia zdra\u017eovanie a jeho v\u00fd\u0161ku v s\u00fa\u010dasnej podobe.\u00a0\u00a0<\/p>\n

\u201eJ\u00fanov\u00e9 infla\u010dn\u00e9 \u010d\u00edsla, najm\u00e4 jadrov\u00e1 infl\u00e1cia, m\u00f4\u017eu by\u0165 rozhoduj\u00face. Je d\u00f4le\u017eit\u00e9 rozhodova\u0165 sa od zasadnutia k zasadnutiu,\u201c povedal.<\/p>\n

Finan\u010dn\u00e9 trhy aktu\u00e1lne po\u010d\u00edtaj\u00fa s minim\u00e1lne jedn\u00fdm \u010fal\u0161\u00edm zv\u00fd\u0161en\u00edm sadzieb. Niektor\u00e9 ekonomick\u00e9 in\u0161tit\u00facie predpokladaj\u00fa dokonca viacero krokov v priebehu nasleduj\u00facich mesiacov. A na to bud\u00fa reagova\u0165 aj banky v\u00fd\u0161kou \u00farokov\u00fdch mier, upozor\u0148uje TA3<\/a>.\u00a0<\/p>\n

Zdra\u017eovanie hroz\u00ed, ale eur\u00f3pska ekonomika zost\u00e1va odoln\u00e1<\/p>\n

Napriek spr\u00eds\u0148ovaniu menovej politiky Ka\u017eim\u00edr nevid\u00ed z\u00e1sadn\u00e9 riziko pre hospod\u00e1rsky rast euroz\u00f3ny. Ekonomika pod\u013ea neho s\u00edce rastie pomal\u0161\u00edm tempom, no zost\u00e1va dostato\u010dne odoln\u00e1. \u201eRast je s\u00edce pomal\u0161\u00ed, no vplyv na to maj\u00fa aj dlhodob\u00e9 \u0161truktur\u00e1lne probl\u00e9my,\u201c uviedol.<\/p>\n

Guvern\u00e9r z\u00e1rove\u0148 nazna\u010dil, \u017ee osobne podporuje r\u00fdchlej\u0161ie a rozhodnej\u0161ie kroky v boji proti infl\u00e1cii. \u201eOsobne sa prikl\u00e1\u0148am k tomu, aby sme konali r\u00e1zne hne\u010f na za\u010diatku,\u201c povedal.<\/p>\n

Pod\u013ea jeho slov zost\u00e1va hlavn\u00fdm cie\u013eom ECB ochrana cenovej stability. Bud\u00face rozhodnutia bud\u00fa z\u00e1visie\u0165 od v\u00fdvoja infl\u00e1cie, cien energi\u00ed a celkov\u00e9ho stavu ekonomiky. Jedno je v\u0161ak pod\u013ea Ka\u017eim\u00edra ist\u00e9: centr\u00e1lna banka nebude na rast cien reagova\u0165 pas\u00edvne.<\/p>\n

\u201eNech sa stane \u010doko\u013evek, ur\u010dite nebudeme sedie\u0165 so zalo\u017een\u00fdmi rukami. Budeme kona\u0165 d\u00f4razne a primerane.\u201c<\/p>\n

\n \u010c\u00edtaj viac z kateg\u00f3rie: Biznis a startupy<\/a>\n <\/p>\n

\n \u010eakujeme, \u017ee \u010d\u00edta\u0161 Startitup. V pr\u00edpade, \u017ee m\u00e1\u0161 postreh alebo si na\u0161iel v \u010dl\u00e1nku chybu, nap\u00ed\u0161 n\u00e1m na redakcia@startitup.sk<\/a>.\n <\/p>\n

Zdroje: NBS<\/a>, NBS<\/a>, Sme<\/a>, TA3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\u010cL\u00c1NOK POKRA\u010cUJE POD REKLAMOU Zdra\u017eovanie sa v podobe infla\u010dn\u00fdch tlakov v euroz\u00f3ne pod\u013ea guvern\u00e9ra N\u00e1rodnej banky Slovenska (NBS)…\n","protected":false},"author":2,"featured_media":99856,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[11],"tags":[64,65,66,2617,34456,2704,43,40,39,42,41,213],"class_list":["post-99855","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ekonomika","tag-business","tag-economic","tag-ekonomika","tag-inflacia","tag-kazimir","tag-nbs","tag-sk","tag-slovak","tag-slovakia","tag-slovencina","tag-slovensko","tag-zdrazovanie"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@sk\/116764268419609858","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/99855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/comments?post=99855"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/posts\/99855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media\/99856"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/media?parent=99855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/categories?post=99855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/sk\/wp-json\/wp\/v2\/tags?post=99855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}