natgillin/translations-raw huggingface dataset:
The overall modest contribution made by the net issuance of quoted shares to the net financing of the euro area corporate sector was probably related both to the fact that the real cost of equity is significantly higher than the real cost of debt financing and to the ample availability of internal funds . At the same time , gross issuance rose somewhat in 2007 , supported by developments in both initial and secondary public offerings .
Letna stopnja rasti delnic , ki kotirajo na borzi in so jih izdale nefinančne družbe , se je leta 2007 nekoliko povečala , vendar je ostala umirjena . Na splošno skromen prispevek neto izdajanja delnic na borzi k neto financiranju podjetniškega sektorja euroobmočja je bil verjetno deloma povezan z realnimi stroški , ki so v primeru lastniškega kapitala občutno višji kot pri dolžniškem financiranju , in
Chart 22 Non-financial corporations » financing gap and its main components ( percentages of GDP ;
Graf 22 Finančna vrzel nefinančnih družb in glavne komponente ( v odstotkih BDP ;
four-quarter moving averages ) financing gap ( left-hand scale ) non-financial investment 1 ) ( right-hand scale ) corporate savings 2 ) ( right-hand scale ) 15 13 11 9 7 5 3 1 - 1 - 3 - 5 2000 2001 2002 2003 2004 2005 2006 2007 15 14 13 12 11 10 9 8 7 6 5 Source : ECB .
drseča sredina štirih četrtletij ) finančna vrzel ( lestvica na levi strani ) nefinančne naložbe 1 ) ( lestvica na desni strani ) varčevanje podjetij 2 ) ( lestvica na desni strani ) 15 13 11 9 7 5 3 1 - 1 - 3 - 5 2000 2001 2002 2003 2004 2005 2006 2007 Vir : ECB .
1 ) Includes inventories and accumulation of non-financial assets .
1 ) Vključujejo zaloge in akumulacijo nefinančnih sredstev .
2 ) Includes net capital transfers .
2 ) Vključujejo neto kapitalske transferje .
The overall increase in the external financing of non-financial corporations can be linked to the increase in the financing gap or net borrowing -- calculated as the difference between corporate savings and non-financial investment ( see Chart 22 ) .
Hkrati se je bruto izdajanje leta 2007 nekoliko povečalo , kar so spodbudila gibanja na področju prve in sekundarne javne prodaje . Skupno povečanje zunanjega financiranja nefinančnih družb lahko povežemo z večjo finančno vrzeljo ali neto zadolževanjem -- izračunanim kot razlika med varčevanjem podjetij in nefinančnimi naložbami ( glej graf 22 ) .
The wider financing gap experienced by non-financial corporations in the euro area in 2006 and the first three quarters of 2007 resulted from the increase in real investment and the decline in corporate savings .
Večja finančna vrzel , ki so jo nefinančne družbe v euroobmočju imele leta 2006 in v prvih treh četrtletjih leta 2007 , je bila posledica povečanja realnih naložb in znižanja varčevanja podjetij .
In an environment of strong operating profits , declines in corporate savings mainly reflected increases in interest rate payments , but also the fact that corporations distributed a larger share of their profits during that period .
V razmerah visokih dobičkov iz poslovanja je bilo znižanje varčevanja podjetij v glavnem posledica višjih plačil obresti in tudi dejstva , da so družbe v tem obdobju razdelile večji del dobička .
RISING CORPORATE DEBT As regards developments in the balance sheet position of non-financial corporations in the euro area , the strong rise in debt financing led to further increases in debt ratios , continuing the trend observed since the beginning of 2005 ( see Chart 23 ) .
POVEČEVANJE PODJETNIŠKE ZADOLŽENOSTI Kar zadeva bilančni položaj nefinančnih družb v euroobmočju , se je zaradi precejšnjega povečanja dolžniškega financiranja nadaljevalo zviševanje stopnje zadolženosti , ki se je začelo na začetku leta 2005 ( glej graf 23 ) .
In this respect , the estimated ratios of debt to GDP and debt to gross operating surpluses rose to around 78 % and 386 % respectively in the last quarter of 2007 . After a period of consolidation between 2002 and 2004 , which had followed a sharp increase in debt in the second half of the 1990s , the debt ratios ECB Annual Report 2007
Ocenjeno razmerje med dolgom in BDP ter razmerje med dolgom in bruto poslovnim presežkom se je v zadnjem četrtletju leta 2007 tako povečalo na približno 78 % oziroma 386 %. Po obdobju ustaECB Letno poročilo 2007
Chart 23 Debt ratios of non-financial corporations ( percentages ) ratio of debt to gross operating surplus ( left-hand scale ) ratio of debt to GDP ( right-hand scale ) 390 370 350 330 310 290 270 1999 2000 2001 2002 2003 2004 2005 2006 2007 Sources : ECB , Eurostat and ECB calculations .
Graf 23 Zadolženost nefinančnih družb ( odstotki ) razmerje med zadolženostjo in bruto poslovnim presežkom ( lestvica na levi strani ) razmerje med zadolženostjo in BDP ( lestvica na desni strani ) 390 370 350 330 310 290 270 1999 2000 2001 2002 2003 2004 2005 2006 2007 Viri : ECB , Eurostat in izračuni ECB .
Notes : Debt is reported on the basis of the quarterly European sector accounts .
Opombe : Podatki o zadolženosti temeljijo na četrtletnih evropskih sektorskih računih .
It includes loans , debt securities issued and pension fund reserves .
Vključujejo posojila , izdane dolžniške vrednostne papirje in rezervacije pokojninskih skladov .
Data include information up to the fourth quarter of 2007 .
Vključeni so podatki do četrtega četrtletja leta 2007 .
interest rate increases , caused the net interest burden of non-financial corporations to rise significantly in the course of 2007 .
gom in finančnimi sredstvi nefinančnih družb ostalo v prvih treh četrtletjih leta 2007 stabilno , potem ko se je od prvega četrtletja leta 2003 zniževalo . Novejše povečanje zadolženosti je skupaj z zvišanjem obrestnih mer povzročilo občuten dvig neto bremena plačil obresti nefinančnih družb v letu 2007 .
2.3 PRICE AND COST DEVELOPMENTS Overall HICP inflation was 2.1% on average in 2007 , 0.1 percentage point lower than in the preceding two years ( see Table 1 ) .
2.3 GIBANJA CEN IN STROŠKOV Leta 2007 je skupna inflacija , merjena z indeksom HICP , v povprečju znašala 2,1% , kar je za 0,1 odstotne točke manj kot v preteklih dveh letih ( glej tabelo 1 ) .
However , the 2007 average is the result of two distinct patterns in HICP developments over the course of the year : annual inflation rates remained below 2 % and broadly stable until the end of the summer , and grew rapidly thereafter .
Povprečje v letu 2007 je rezultat dveh različnih dinamik gibanja indeksa HICP med letom : medletne stopnje inflacije so ostajale pod 2 % in v glavnem stabilne do konca poletja , nato pa so se hitro zvišale .
In September 2007 consumer price inflation rose slightly above 2 % for the first time since August 2006 .
Septembra 2007 se je inflacija cen življenjskih potrebščin prvič po avgustu 2006 zvišala nekoliko nad 2 %.
It then increased to elevated levels , reaching a peak of 3.1% in November and December 2007 .
Potem se je močno povečala ter novembra in decembra 2007 dosegla najvišjo vrednost na ravni 3,1% .
HICP inflation developments in 2007 were largely determined by strong energy and food price increases ( see Chart 24 ) .
Na gibanje inflacije po HICP je leta 2007 pretežno vplivala visoka rast cen energentov in hrane ( glej graf 24 ) .
The effects of the rise in oil prices in early 2007 on the energy price component of the HICP were reduced by favourable base effects until July 2007 ; thereafter , a combination of surging oil prices and adverse base effects led to a substantial contribution from this component to overall HICP inflation .
Učinek dviga cen nafte na začetku leta 2007 na skupino energentov v indeksu HICP so do konca julija 2007 zmanj -
of non-financial corporations have risen continuously over the last three years . By contrast with their debt-to-income ratios , the ratio of non-financial corporations » debt to financial assets remained stable in the first three quarters of 2007 , after having been on a declining trend since the first quarter of 2003 .
litve v letih od 2002 do 2004 , ki je sledilo skokovitemu zvišanju zadolženosti v drugi polovici devetdesetih let prejšnjega stoletja , so se stopnje zadolženosti nefinančnih družb v zadnjih treh letih ves čas povečevale .
The recent increases in debt , coupled with Table 1 Price developments ( annual percentage changes , unless otherwise indicated ) 2005 HICP and its components Overall index 1 ) Energy Unprocessed food Processed food Non-energy industrial goods Services Other price and cost indicators Industrial producer prices 2 ) Oil prices ( EUR per barrel ) 3 ) Commodity prices 4 ) 2006 2007
Za razliko od razmerja med dolgom in prihodki je razmerje med dolTabela 1 Gibanja cen ( medletne spremembe v odstotkih , razen če ni navedeno drugače ) 2005 HICP in njegove komponente Skupni indeks1 ) Energenti Nepredelana hrana Predelana hrana Industrijsko blago razen energentov Storitve Drugi kazalci cen in stroškov Cene industrijskih proizvodov pri proizvajalcih2 ) Cene nafte ( EUR za sodček3 ) Cene primarnih surovin4 ) 2006 2007
2006 Q4 1.8 1.5 4.1 2.2 0.8 2.1 4.1 47.3 23.0
2006 IV 1,8 1,5 4,1 2,2 0,8 2,1
2007 Q1 1.9 1.1 3.1 2.1 1.1 2.4 2.9 44.8 15.7
2007 I 1,9 1,1 3,1 2,1 1,1 2,4
2007 Q2 1.9 0.5 3.3 2.0 1.0 2.6 2.4 51.0 13.8
2007 II 1,9 0,5 3,3 2,0 1,0 2,6
2007 Q3 1.9 0.7 2.4 2.5 1.0 2.5 2.1 54.2 6.7
2007 III 1,9 0,7 2,4 2,5 1,0 2,5
2007 Q4 2.9 8.1 3.1 4.5 1.0 2.5 4.0 61.0 1.6
2007 IV 2,9 8,1 3,1 4,5 1,0 2,5
2008 Jan. 3.2 10.6 3.3 5.8 0.7 2.5 4.9 62.4 10.4
2008 jan. 3,2 10,6 3,3 5,8 0,7 2,5
2008 Feb. 3.2 .
2008 feb. 3,2 .
Sources : Eurostat , Thomson Financial Datastream , Hamburg Institute of International Economics and ECB calculations .
Viri : Eurostat , Thomson Financial Datastream , Hamburg Institute of International Economics in izračuni ECB .
Note : Data on industrial producer prices refer to the euro area including Cyprus and Malta .
Opomba : Podatki o cenah industrijskih proizvodov pri proizvajalcih se nanašajo na euroobmočje vključno s Ciprom in Malto .
1 ) HICP inflation in February 2008 refers to Eurostat 's flash estimate .
1 ) Inflacija po HICP za februar 2008 je ocena Eurostata .
4 ) Excluding energy ;
4 ) Brez energentov ;
in euro .
v EUR . 52
54 ECB Annual Report 2007
ECB Letno poročilo 2007
change in unprocessed food prices remained elevated for most of 2007 , and processed food prices accelerated from the end of the summer onwards , contributing substantially to the higher inflation in the last few months of the year .
ševali ugodni bazni učinki , pozneje pa je ta komponenta zaradi kombinacije rastočih cen nafte in neugodnih baznih učinkov občutno prispevala k skupni inflaciji po HICP . Medletne stopnje rasti cen nepredelane hrane so večino leta 2007 ostale visoke , cene predelane hrane pa so se začele pospešeno dvigati ob koncu poletja in so občutno prispevale k višji inflaciji v zadnjih nekaj mesecih leta .
In addition , HICP inflation in 2007 was significantly affected by a 3 percentage point VAT increase in Germany , which came into effect on 1 January 2007 .
Poleg tega je na inflacijo po HICP leta 2007 občutno vplivalo zvišanje DDV za 3 odstotne točke v Nemčiji , kar je začelo veljati 1 . januarja 2007 .
Labour costs remained moderate up to the third quarter of 2007 , but unit labour costs rose slightly owing to the decline in labour productivity growth .
Stroški dela so do tretjega četrtletja leta 2007 ostali umirjeni , vendar so se zaradi znižanja rasti produktivnosti dela nekoliko zvišali stroški dela na enoto proizvoda . NA INFLACIJO PO HICP SO OBČUTNO VPLIVALA GIBANJA CEN ENERGENTOV IN HRANE Podroben pregled gibanja inflacije po HICP v letu 2007 kaže , da so rast cen nafte in bazni učinki preteklih gibanj cen energentov skupaj z višjimi cenami hrane občutno vplivali na dinamiko inflacije po HICP .
Chart 24 Breakdown of HICP inflation : main components ( annual percentage changes ;
Sredi januarja 2007 se je izrazit trend zniževanja cen nafte na mednarodnih trgih , ki se je začel Graf 24 Razčlenitev inflacije po HICP : glavne komponente ( medletne spremembe v odstotkih ;
monthly data ) total HICP ( left-hand scale ) unprocessed food ( right-hand scale ) energy ( right-hand scale ) 6 18 15 4 12 9 2 6 3 0 0 - 3 - 2 2003 2004 2005 2006 2007 - 6 HICP INFLATION WAS SIGNIFICANTLY INFLUENCED BY ENERGY AND FOOD PRICE DEVELOPMENTS Looking in more detail at HICP developments in 2007 , oil price increases and base effects stemming from previous energy price developments , together with food price increases , significantly affected the profile of HICP inflation .
mesečni podatki ) HIPC skupaj ( lestvica na levi strani ) nepredelana hrana ( lestvica na desni strani ) energenti ( lestvica na desni strani ) 6 18 15 4 12 9 2 6 3 0 0 - 3 - 2 2003 2004 2005 2006 2007 - 6
5 5 The annual average price in euro of a barrel of Brent crude oil remained practically unchanged in 2007 , whereas oil prices in 2006 were on average 19 % higher than those in 2005 . Chart 25 Contributions to HICP inflation from main components ( annual percentage point contributions ;
Graf 25 Prispevki glavnih komponent k inflaciji po HICP ( medletne spremembe v odstotnih točkah ;
monthly data ) services non-energy industrial goods processed food unprocessed food energy overall index 3.5 3.5 3.0
mesečni podatki ) storitve industrijsko blago razen energentov predelana hrana nepredelana hrana energenti skupni indeks 3,5 3,5
total HICP excluding energy and unprocessed food processed food non-energy industrial goods services 6 6 1.5
2,0 HICP skupaj brez energentov in nepredelane hrane predelana hrana industrijsko blago razen energentov storitve 6 6
- 2 2003 Source : Eurostat .
- 2 2003 Vir : Eurostat .
Note : Due to rounding , the contributions do not add up exactly to the overall index .
Opomba : Zaradi zaokroževanja se prispevki ne skladajo povsem s skupnim indeksom .
ECB Annual Report 2007 55
ECB Letno poročilo 2007
In a number of months in the period from January to July 2007 the effects of the rise in oil prices on the energy price component of the HICP were reduced by favourable base effects from the strong increase in energy prices observed a year earlier .
avgusta 2006 , ustavil in cene so se spet začele dvigati . Decembra 2007 so bile cene nafte v eurih približno 32 % višje kot leto prej .
From September 2007 onwards , a combination of surging oil prices and adverse base effects led to a substantial contribution from the energy component to overall HICP inflation ( see Chart 25 ) . In the fourth quarter of the year , the annual rate of change in HICP energy prices was 8.1% , compared with 0.8% on average in the first three quarters of the year .
5 V več mesecih v obdobju od januarja do julija 2007 so učinke dviga cen nafte na skupino energentov v indeksu HICP zmanjševali ugodni bazni učinki močnega zvišanja cen energentov v preteklem letu . Od septembra 2007 naprej je skupina energentov zaradi kombinacije dviganja cen nafte in neugodnih baznih učinkov občutno prispevala k skupni inflaciji po HICP ( glej graf 25 ) .
While base effects influenced the monthly developments of annual HICP inflation , favourable and unfavourable base effects broadly offset each other for the year as a whole , implying that the
V četrtem četrtletju je medletna stopnja rasti cen energentov v indeksu HICP zanašala 8,1% v primerjavi s povprečno 0,8% rastjo v prvih treh četrtletjih leta .
contribution of the energy component to overall inflation in 2007 reflected the increases in oil prices that occurred over the year ( see Box 4 ) . The contribution of the other typically volatile component of inflation , unprocessed food prices , to the overall inflation rate also increased in 2007 , following an acceleration in this component in 2006 .
Medtem ko so bazni učinki vplivali na mesečna gibanja medletne inflacije po HICP , so se ugodni in neugodni bazni učinki v celotnem letu v glavnem medsebojno izravnali , kar pomeni , da je bil prispevek skupine energentov k skupni inflaciji v letu 2007 posledica rasti cen nafte med letom ( glej okvir 4 ) . 5
The annual rate of change in unprocessed food prices remained elevated for most of 2007 , although monthly developments were characterised by considerable volatility , mainly on account of changes in fruit and vegetable prices , which were affected by bad weather conditions in Europe , especially in the spring of 2007 .
Povprečna letna cena za sod surove nafte Brent v eurih se leta 2007 skoraj ni spremenila , medtem ko so bile cene nafte leta 2006 povprečno 19 % višje kot leta 2005 .
Meat prices , which had Box 4
Okvir 4
THE IMPACT OF ENERGY BASE EFFECTS ON HICP INFLATION IN 2007 The annual rate of HICP inflation increased substantially in the course of 2007 .
VPLIV BAZNIH UČINKOV CEN ENERGENTOV NA INFLACIJO PO HICP V LETU 2007 Medletna stopnja inflacije , merjene z indeksom HICP , se je leta 2007 občutno povečala .
In December it stood at an elevated 3.1% -- a level unseen since May 2001 -- up from 1.9% in November 2006 .
Decembra je dosegla visoko 3,1% stopnjo , največ po maju 2001 , medtem ko je novembra 2006 znašala 1,9% .
This increase was almost entirely the result of three consecutive sharp rises in annual inflation in September , October and November , and was driven mostly by significant contributions from price developments in the energy and processed food components ( see Chart A ) .
To zvišanje je bilo skoraj v celoti posledica treh zaporednih skokovitih dvigov medletne inflacije septembra , oktobra in novembra , največ pa so k temu prispevala gibanja cen v skupini energentov in predelane hrane ( glej graf A ) .
It is important to establish to what extent changes in the year-on-year inflation rate reflect current developments ( i.e. actual « news » from one month to the next ) and to what extent they reflect the impact of price volatility in the previous year , through « base effects » 1 .
Pomembno je ugotoviti , koliko so spremembe v stopnji medletne inflacije posledica tekočih gibanj ( tj . dejanskih „novosti » od enega meseca do drugega ) in koliko so posledica učinka volatilnosti cen v preteklem letu prek tako imenovanih baznih učinkov .
This box reviews the role of base effects , in particular from energy price developments , in driving recent HICP inflation developments and provides some insight into their prospective impact over 2008 .
1 V tem okvirju predstavljamo vlogo baznih učinkov , zlasti gibanja cen energentov , ki so vplivali na zadnja gibanja inflacije po HICP , in osvetljujemo njihov prihodnji učinek v letu 2008 .
Chart A Contributions to the change in annual HICP inflation since December 2006 ( percentage points ) services non-energy industrial goods unprocessed food processed food energy change in annual HICP inflation since December 2006 1 ) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 - 0.2 - 0.4 - 0.6 Dec. 2006 Feb. Apr . June Aug .
Graf A Prispevki k spremembi letne inflacije po HICP od decembra 2006 ( odstotne točke ) storitve industrijsko blago razen energentov nepredelana hrana predelana hrana energenti sprememba letne inflacije po HICP od decembra 2006 1 ) 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 - 0,2 - 0,4 - 0,6 dec. 2006 feb. apr . jun. avg .
2007 Oct. Dec . 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 - 0.2 - 0.4 - 0.6
2007 okt . dec. 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 - 0,2 - 0,4 - 0,6
1 ) Calculated as the difference between the year-on-year HICP growth rate in a given month and the year-on-year HICP growth rate in December 2006 .
1 ) Izračunana kot razlika med medletno stopnjo rasti indeksa HICP v danem mesecu in medletno stopnjo rasti indeksa HICP v decembru 2006 .
1 A base effect can be defined as the contribution to the change in the year-on-year inflation rate in a particular month that stems from a deviation of the month-on-month rate of change in the base month ( i.e. the same month one year earlier ) from its usual or « normal » pattern , taking account of seasonal fluctuations . 56
2 1 Bazni učinek lahko opredelimo kot prispevek k spremembi medletne stopnje inflacije v posameznem mesecu , ki izhaja iz odstopanja medmesečne stopnje spremembe v baznem mesecu ( tj . isti mesec eno let prej ) od običajnega oziroma „normalnega » gibanja , pri čemer se upoštevajo sezonska nihanja .
Chart B Decomposition of the monthly change in annual HICP inflation ( percentage points ) energy base effects non-energy base effects current inflation developments 1 ) change in the year-on-year inflation rate 2 ) 0.6 0.5 0.4 0.3 0.2 0.1 0.0 - 0.1 - 0.2 - 0.3 - 0.4 Dec. 2006 Feb. Apr . June Aug .
Graf B Razčlenitev mesečne spremembe letne inflacije po HICP ( odstotne točke ) bazni učinki energentov bazni učinki drugih komponent razen energentov trenutno gibanje inflacije 1 ) spremembe medletne stopnje inflacije 2 ) 0,6 0,5 0,4 0,3 0,2 0,1 0,0 - 0,1 - 0,2 - 0,3 - 0,4 dec. 2006 feb. apr . jun. avg .
2007 Oct. Dec . 0.6 0.5 0.4 0.3 0.2 0.1 0.0 - 0.1 - 0.2 - 0.3 - 0.4
2007 okt . dec. 0,6 0,5 0,4 0,3 0,2 0,1 0,0 - 0,1 - 0,2 - 0,3 - 0,4
Chart C Decomposition of the change in annual HICP inflation since December 2006 ( percentage points ) energy base effects non-energy base effects current inflation developments 1 ) change in annual HICP inflation since December 2006 2 ) 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 - 0.2 - 0.4 - 0.6 Dec. 2006 Feb. Apr . June Aug .
Graf C Razčlenitev spremembe letne inflacije po HICP od decembra 2006 ( odstotne točke ) bazni učinki energentov bazni učinki drugih komponent razen energentov trenutno gibanje inflacije 1 ) sprememba letne inflacije po HICP od decembra 2006 2 ) 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 - 0,2 - 0,4 - 0,6 dec. 2006 feb. apr . jun. avg .
1 ) Calculated as the difference between the change in the year-on-year inflation rate and the combined base effects from energy and non-energy components .
1 ) Izračunano kot razlika med spremembo medletne stopnje inflacije in skupnimi baznimi učinki energentov in drugih komponent razen energentov .
2 ) Calculated as the difference between the year-on-year inflation rate in two consecutive months .
2 ) Izračunane kot razlika v medletni stopnji inflacije med dvema zaporednima mesecema .
1 ) Calculated as the difference between the change in the annual inflation rate since December 2006 and the cumulated base effects from energy and non-energy components since December 2006 .
1 ) Izračunano kot razlika med spremembo letne stopnje inflacije od decembra 2006 in skupnimi baznimi učinki energentov in drugih komponent razen energentov od decembra 2006 .
2 ) Calculated as the difference between the year-on-year HICP growth rate in a given month and the year-on-year HICP growth rate in December 2006 .
2 ) Izračunana kot razlika med medletno rastjo stopnje inflacije po HICP v danem mesecu in rastjo stopnje inflacije po HICP v decembru 2006 .
2 Base effects had a substantial impact on the pattern of headline inflation rates in 2007 , as had been anticipated . 3 Over the course of the year , the most significant monthly contributions came from base effects in the energy price component , owing to the volatile pattern of month-on-month oil price developments in 2006 .
Kot je bilo pričakovati , so bazni učinki občutno vplivali na gibanje skupne inflacije v letu 2007.3 Med letom so mesečno najbolj prispevali bazni učinki v skupini cen energentov zaradi volatilnega gibanja medmesečnih cen nafte leta 2006 .
From January to July 2007 favourable energy base effects had a downward impact on the headline inflation rate .
Od januarja do julija 2007 so ugodni bazni učinki energentov vplivali na znižanje stopnje skupne inflacije .
In the second half of 2007 , by contrast , the year-on-year rate of increase in the HICP was affected by unfavourable energy base effects , which were especially strong in September and October .
Nasprotno pa so neugodni bazni učinki energentov , ki so bili posebno močni septembra in oktobra , v drugi polovici leta 2007 vplivali na zvišanje medletne stopnje inflacije po HICP .
Base effects from non-energy components were , overall , relatively small in 2007 .
Bazni učinki drugih skupin razen energentov so bili leta 2007 razmeroma majhni .
Nevertheless , inflation developments in the last quarter of the year were essentially driven by month-on-month price dynamics , owing to the surge in energy prices and also processed food prices .
Kljub temu je na gibanje inflacije v zadnjem četrtletju v glavnem vplivala medmesečna dinamika cen zaradi skokovitega dviga cen nafte in cen predelane hrane .