{"id":44329,"date":"2026-07-18T07:26:15","date_gmt":"2026-07-18T05:26:15","guid":{"rendered":"https:\/\/www.derivaty.sk\/?p=44329"},"modified":"2026-01-05T14:08:11","modified_gmt":"2026-01-05T13:08:11","slug":"inflacia-a-deflacia-meranie-priciny-a-ekonomicke-dosledky","status":"publish","type":"post","link":"https:\/\/www.autoskoly.sk\/news\/inflacia-a-deflacia-meranie-priciny-a-ekonomicke-dosledky\/","title":{"rendered":"Infl\u00e1cia a defl\u00e1cia: Meranie, pr\u00ed\u010diny a ekonomick\u00e9 d\u00f4sledky"},"content":{"rendered":"<h2>Defin\u00edcie, intu\u00edcia a v\u00fdznam<\/h2>\n<p>Infl\u00e1cia je dlhodob\u00fd rast celkovej cenovej hladiny tovarov a slu\u017eieb v ekonomike, ktor\u00fd zni\u017euje k\u00fapnu silu pe\u0148az\u00ed. Defl\u00e1cia je jej opakom: dlhodob\u00fd pokles celkovej cenovej hladiny, ktor\u00fd zvy\u0161uje k\u00fapnu silu pe\u0148az\u00ed. Obe javy v\u00fdrazne ovplyv\u0148uj\u00fa spr\u00e1vanie dom\u00e1cnost\u00ed, firiem, b\u00e1nk aj \u0161t\u00e1tu, preto\u017ee menia relat\u00edvne ceny, re\u00e1lne pr\u00edjmy a n\u00e1klady financovania.<\/p>\n<h2>Meranie infl\u00e1cie a defl\u00e1cie<\/h2>\n<ul>\n<li><strong>CPI\/HICP:<\/strong> index spotrebite\u013esk\u00fdch cien meria priemern\u00fa zmenu cien spotrebn\u00e9ho ko\u0161a dom\u00e1cnost\u00ed (HICP je harmonizovan\u00e1 verzia v E\u00da).<\/li>\n<li><strong>Defl\u00e1tor HDP:<\/strong> pomer nomin\u00e1lneho a re\u00e1lneho HDP; zachyt\u00e1va \u0161ir\u0161\u00ed k\u00f4\u0161 vr\u00e1tane invest\u00edci\u00ed a \u0161t\u00e1tnych n\u00e1kupov.<\/li>\n<li><strong>Jadrov\u00e1 infl\u00e1cia:<\/strong> CPI bez volatiln\u00fdch zlo\u017eiek (energia, potraviny) \u2013 lep\u0161ie zachyt\u00e1va trend.<\/li>\n<li><strong>Krivka Phillipsovej jadra:<\/strong> analyzuje vz\u0165ah medzi cyklickou infl\u00e1ciou a medzerou produktu\/nezamestnanos\u0165ou.<\/li>\n<li><strong>Sez\u00f3nne o\u010distenie a b\u00e1zick\u00fd efekt:<\/strong> porovnanie s minul\u00fdmi obdobiami m\u00f4\u017ee by\u0165 skreslen\u00e9 mimoriadnymi v\u00fdkyvmi z\u00e1kladne.<\/li>\n<\/ul>\n<h2>Teoretick\u00e9 v\u00fdchodisk\u00e1 a mechanizmy<\/h2>\n<ul>\n<li><strong>Mno\u017estevn\u00e1 te\u00f3ria pe\u0148az\u00ed:<\/strong> <em>MV = PY<\/em> (M \u2013 pe\u0148a\u017en\u00e1 z\u00e1soba, V \u2013 r\u00fdchlos\u0165 obratu, P \u2013 cenov\u00e1 hladina, Y \u2013 re\u00e1lny produkt). Pri kon\u0161tantnom V a Y rast M tla\u010d\u00ed na P.<\/li>\n<li><strong>Dopytovo-\u0165ahan\u00e1 infl\u00e1cia:<\/strong> agreg\u00e1tny dopyt rastie r\u00fdchlej\u0161ie ako ponuka (expanz\u00edvna politika, boom \u00faverov, pozit\u00edvne o\u010dak\u00e1vania).<\/li>\n<li><strong>N\u00e1kladovo-tla\u010den\u00e1 infl\u00e1cia:<\/strong> rast vstupn\u00fdch n\u00e1kladov (energia, mzdy, meny) zvy\u0161uje ceny pri danom dopyte.<\/li>\n<li><strong>Vstavan\u00e1 infl\u00e1cia:<\/strong> mechanizmus mzdovo-cenovej \u0161pir\u00e1ly pri indexovan\u00fdch mzd\u00e1ch a adapt\u00edvnych o\u010dak\u00e1vaniach.<\/li>\n<li><strong>Defl\u00e1cia a dopyt:<\/strong> o\u010dak\u00e1vanie ni\u017e\u0161\u00edch cien odklad\u00e1 spotrebu a invest\u00edcie, zni\u017euje agreg\u00e1tny dopyt a prehlbuje pokles.<\/li>\n<\/ul>\n<h2>O\u010dak\u00e1vania a infla\u010dn\u00e9 re\u017eimy<\/h2>\n<p>O\u010dak\u00e1vania hospod\u00e1rskych subjektov s\u00fa k\u013e\u00fa\u010dov\u00e9. <em>Racion\u00e1lne o\u010dak\u00e1vania<\/em> zahrn\u00fa bud\u00facu politiku do dne\u0161n\u00fdch rozhodnut\u00ed; <em>adapt\u00edvne<\/em> vych\u00e1dzaj\u00fa z ned\u00e1vnej infl\u00e1cie. Centr\u00e1lnym bank\u00e1m preto pom\u00e1ha jasn\u00e9 <strong>infla\u010dn\u00e9 cielenie<\/strong> (napr. 2&nbsp;%) a d\u00f4veryhodn\u00e1 komunik\u00e1cia (forward guidance), ktor\u00e9 ukotvuj\u00fa o\u010dak\u00e1vania a zni\u017euj\u00fa volatilitu hospod\u00e1rskeho cyklu.<\/p>\n<h2>Defl\u00e1cia: druhy a rizik\u00e1<\/h2>\n<ul>\n<li><strong>Ben\u00edgna (produktivitn\u00e1) defl\u00e1cia:<\/strong> pokles cien v sektoroch s prudk\u00fdm rastom produktivity (IT) pri robustnom dopyte \u2013 m\u00f4\u017ee by\u0165 neutr\u00e1lny a\u017e pozit\u00edvny.<\/li>\n<li><strong>\u0160kodliv\u00e1 (dlhov\u00e1) defl\u00e1cia:<\/strong> plo\u0161n\u00fd pokles cien spojen\u00fd s recesiou a nezamestnanos\u0165ou \u2013 <em>Fisherova dlhov\u00e1 defl\u00e1cia<\/em> zvy\u0161uje re\u00e1lnu hodnotu dlhov, vyvol\u00e1va n\u00faten\u00e9 deleveragingy a bankov\u00e9 straty.<\/li>\n<li><strong>Defla\u010dn\u00e1 \u0161pir\u00e1la:<\/strong> klesaj\u00face ceny \u2192 odklad spotreby \u2192 pokles tr\u017eieb \u2192 zni\u017eovanie miezd\/zamestnanosti \u2192 ni\u017e\u0161\u00ed dopyt \u2192 e\u0161te ni\u017e\u0161ie ceny.<\/li>\n<\/ul>\n<h2>Disinfl\u00e1cia, refl\u00e1cia a stagfl\u00e1cia<\/h2>\n<ul>\n<li><strong>Disinfl\u00e1cia:<\/strong> spoma\u013eovanie infl\u00e1cie (z 8&nbsp;% na 3&nbsp;%), nie pokles cien.<\/li>\n<li><strong>Refl\u00e1cia:<\/strong> cielene zv\u00fd\u0161enie infl\u00e1cie z pr\u00edli\u0161 n\u00edzkych \u00farovn\u00ed (po kr\u00edzach) k cie\u013eu.<\/li>\n<li><strong>Stagfl\u00e1cia:<\/strong> vysok\u00e1 infl\u00e1cia pri n\u00edzkom raste a vysokej nezamestnanosti; n\u00e1ro\u010dne mana\u017eovate\u013en\u00e1 politika (ponukov\u00e9 \u0161oky + ukotven\u00e9 o\u010dak\u00e1vania).<\/li>\n<\/ul>\n<h2>Menov\u00e1 politika a prenosov\u00e9 kan\u00e1ly<\/h2>\n<ul>\n<li><strong>Kr\u00e1tkodob\u00e9 sadzby a Taylorovo pravidlo:<\/strong> reakcia na odch\u00fdlku infl\u00e1cie od cie\u013ea a na medzeru produktu.<\/li>\n<li><strong>Bilancia centr\u00e1lnej banky:<\/strong> kvantitat\u00edvne uvo\u013e\u0148ovanie (QE) zni\u017euje dlh\u00e9 v\u00fdnosy; kvantitat\u00edvne spr\u00edsnenie (QT) naopak.<\/li>\n<li><strong>Kurzov\u00fd kan\u00e1l:<\/strong> oslabenie meny zdra\u017e\u00ed importy a zvy\u0161uje infl\u00e1ciu (exchange-rate pass-through); posilnenie m\u00e1 opa\u010dn\u00fd efekt.<\/li>\n<li><strong>\u00daverov\u00fd kan\u00e1l:<\/strong> sadzby a regul\u00e1cia ovplyv\u0148uj\u00fa cenu a dostupnos\u0165 \u00faverov, invest\u00edci\u00ed a spotreby trv\u00e1cnych statkov.<\/li>\n<li><strong>O\u010dak\u00e1vania:<\/strong> d\u00f4veryhodnos\u0165 cielenia ukotvuje mzdov\u00e9 po\u017eiadavky a cenotvorbu.<\/li>\n<\/ul>\n<h2>Fisk\u00e1lna politika, ponukov\u00e9 reformy a trhy<\/h2>\n<p>Fisk\u00e1lne deficity m\u00f4\u017eu pri nap\u00e4t\u00fdch kapacit\u00e1ch posilni\u0165 dopytov\u00fa infl\u00e1ciu; naopak, konsolid\u00e1cia tlm\u00ed dopyt. Ponukov\u00e9 opatrenia (liberaliz\u00e1cia trhu pr\u00e1ce, invest\u00edcie do infra\u0161trukt\u00fary a energetiky) zvy\u0161uj\u00fa potenci\u00e1lny produkt a zmier\u0148uj\u00fa n\u00e1kladov\u00e9 tlaky. V extr\u00e9moch hroz\u00ed <strong>fisk\u00e1lna dominancia<\/strong>, ke\u010f menov\u00e1 politika podlieha potrebe obsluhy \u0161t\u00e1tneho dlhu.<\/p>\n<h2>Hyperinfl\u00e1cia a menov\u00e9 kolapsy<\/h2>\n<p>Hyperinfl\u00e1cia je extr\u00e9mne zr\u00fdchlenie infl\u00e1cie (mesa\u010dne desiatky a\u017e tis\u00edce percent) spojen\u00e9 s kolapsom d\u00f4very v menu, rozpadom kontraktov a dolariz\u00e1ciou. Typick\u00fdm sp\u00fa\u0161\u0165a\u010dom je mas\u00edvna monetiz\u00e1cia deficitov, zr\u00fatenie produkcie a politick\u00e1 nestabilita. Stabiliz\u00e1cia vy\u017eaduje fi\u0161k\u00e1lnu discipl\u00ednu, d\u00f4veryhodn\u00e9 ukotvenie (menov\u00e1 rada, nov\u00e1 mena) a \u0161truktur\u00e1lne reformy.<\/p>\n<h2>Meracie skreslenia a nov\u00e9 fenom\u00e9ny<\/h2>\n<ul>\n<li><strong>Substitu\u010dn\u00e9 a kvalitov\u00e9 skreslenie:<\/strong> spotrebitelia nahr\u00e1dzaj\u00fa drah\u0161ie tovary lacnej\u0161\u00edmi; hedonick\u00e9 \u00fapravy sa sna\u017eia o\u010disti\u0165 vplyv kvality.<\/li>\n<li><strong>Shrinkfl\u00e1cia a skimpfl\u00e1cia:<\/strong> zmen\u0161ovanie gram\u00e1\u017ee alebo zhor\u0161enie kvality pri stabilnej cene \u2013 \u0165a\u017e\u0161ie zachytite\u013en\u00e9 v indexoch.<\/li>\n<li><strong>Infla\u010dn\u00e9 o\u010dak\u00e1vania dom\u00e1cnost\u00ed vs. trhov\u00e9:<\/strong> spotrebite\u013esk\u00e9 prieskumy, infla\u010dn\u00e9 swapy, break-even sadzby na infla\u010dne indexovan\u00fdch dlhopisoch.<\/li>\n<\/ul>\n<h2>Re\u00e1lne a nomin\u00e1lne \u00farokov\u00e9 sadzby<\/h2>\n<p>Vz\u0165ah popisuje Fisherova rovnos\u0165: <em>1 + i = (1 + r)(1 + \\u03c0^e)<\/em>, pribli\u017ene <em>i \u2248 r + \\u03c0^e<\/em>, kde <em>i<\/em> je nomin\u00e1lna, <em>r<\/em> re\u00e1lna sadzba a <em>\\u03c0^e<\/em> o\u010dak\u00e1van\u00e1 infl\u00e1cia. Pri fixnom <em>i<\/em> vy\u0161\u0161ia infl\u00e1cia zni\u017euje re\u00e1lne n\u00e1klady dlhu a naopak, defl\u00e1cia zvy\u0161uje re\u00e1lnu z\u00e1\u0165a\u017e dl\u017en\u00edkov.<\/p>\n<h2>Infl\u00e1cia v otvorenej ekonomike<\/h2>\n<ul>\n<li><strong>Dovozn\u00e1 infl\u00e1cia:<\/strong> zmeny cien komod\u00edt a kurzu mena sa premietaj\u00fa do dom\u00e1cich cien.<\/li>\n<li><strong>Balassa\u2013Samuelson:<\/strong> r\u00fdchly rast produktivity v obchodovate\u013enom sektore zvy\u0161uje mzdy aj v neobchodovate\u013enom sektore a celkov\u00fa cenov\u00fa hladinu.<\/li>\n<li><strong>Konvergencia a re\u017eim meny:<\/strong> pevn\u00fd kurz (menov\u00e1 rada) vs. pl\u00e1vaj\u00faci kurz \u2013 rozdielne mo\u017enosti absorbova\u0165 \u0161oky.<\/li>\n<\/ul>\n<h2>Dopady na dom\u00e1cnosti a podniky<\/h2>\n<ul>\n<li><strong>Dom\u00e1cnosti:<\/strong> infl\u00e1cia zni\u017euje re\u00e1lne \u00faspory v hotovosti; v\u00fdhodu maj\u00fa dl\u017en\u00edci s fixn\u00fdm \u00farokom. Defl\u00e1cia motivuje odklad n\u00e1kupov a zvy\u0161uje re\u00e1lnu dlhov\u00fa z\u00e1\u0165a\u017e.<\/li>\n<li><strong>Podniky:<\/strong> vy\u0161\u0161ia infl\u00e1cia zdra\u017euje prev\u00e1dzkov\u00fd kapit\u00e1l, komplikuje cenotvorbu a rozpo\u010dty; pri defl\u00e1cii klesaj\u00fa tr\u017eby a mar\u017ee, riziko \u201emenu costs\u201c a cenov\u00fdch vojen.<\/li>\n<li><strong>Zmluvy a index\u00e1cia:<\/strong> index\u00e1cia miezd, n\u00e1jomov \u010di kontraktov pren\u00e1\u0161a infla\u010dn\u00e9 riziko; bez nej hroz\u00ed redistrib\u00facia medzi stranami.<\/li>\n<\/ul>\n<h2>Finan\u010dn\u00e9 riadenie v prostred\u00ed infl\u00e1cie a defl\u00e1cie<\/h2>\n<ul>\n<li><strong>Investi\u010dn\u00e9 hodnotenie:<\/strong> konzistentne pou\u017e\u00edva\u0165 nomin\u00e1lne cash flow s nomin\u00e1lnou diskontnou mierou, alebo re\u00e1lne s re\u00e1lnou mierou; zahrn\u00fa\u0165 citlivos\u0165 na infl\u00e1ciu vstupov a v\u00fdstupov.<\/li>\n<li><strong>Riadenie pracovn\u00e9ho kapit\u00e1lu:<\/strong> infl\u00e1cia via\u017ee hotovos\u0165 v z\u00e1sob\u00e1ch a poh\u013ead\u00e1vkach; indexova\u0165 cenn\u00edky a \u00faverov\u00e9 limity.<\/li>\n<li><strong>Zabezpe\u010denie (hedging):<\/strong> infla\u010dne indexovan\u00e9 dlhopisy, komoditn\u00e9 hedgingy, menov\u00e9 deriv\u00e1ty; pri defl\u00e1cii pozor na asymetrick\u00e9 rizik\u00e1 opci\u00ed.<\/li>\n<\/ul>\n<h2>Mzdy, trh pr\u00e1ce a NAIRU<\/h2>\n<p>Dlhodob\u00e1 infl\u00e1cia nevznik\u00e1 bez rastu mzdov\u00fdch n\u00e1kladov nad produktivitou. Jednotkov\u00e9 mzdov\u00e9 n\u00e1klady (ULC) a <strong>NAIRU<\/strong> (miera nezamestnanosti kompatibiln\u00e1 s neakceleruj\u00facou infl\u00e1ciou) pom\u00e1haj\u00fa identifikova\u0165 tlak na ceny. Slab\u00e1 ukotvenos\u0165 o\u010dak\u00e1van\u00ed u\u013eah\u010duje mzdovo-cenov\u00e9 \u0161pir\u00e1ly, najm\u00e4 pri n\u00edzkej produktivite a silnom dopyte.<\/p>\n<h2>Politiky v bl\u00edzkosti nulovej hranice (ZLB)<\/h2>\n<ul>\n<li><strong>Likviditn\u00e1 pasca:<\/strong> pri ve\u013emi n\u00edzkych sadzb\u00e1ch menov\u00e1 politika str\u00e1ca silu; nastupuj\u00fa nekonven\u010dn\u00e9 n\u00e1stroje (QE, menov\u00e9 z\u00e1sahy, v\u00fdnosov\u00e9 cielenie).<\/li>\n<li><strong>Pri defl\u00e1cii:<\/strong> do\u010dasne vy\u0161\u0161ie infla\u010dn\u00e9 ciele, fi\u0161k\u00e1lne stimuly, rekapitaliz\u00e1cia b\u00e1nk a rie\u0161enie zl\u00fdch \u00faverov na obnovenie \u00faverov\u00e9ho kan\u00e1la.<\/li>\n<\/ul>\n<h2>Verejn\u00e9 financie a index\u00e1cia<\/h2>\n<p>Infl\u00e1cia kr\u00e1tkodobo zlep\u0161uje pomer dlhu k HDP (nomin\u00e1lny menovate\u013e rastie), no zvy\u0161uje \u00farokov\u00e9 n\u00e1klady pri refinancovan\u00ed. Defl\u00e1cia zhor\u0161uje dlhov\u00fa udr\u017eate\u013enos\u0165 a m\u00f4\u017ee vyn\u00fati\u0165 fi\u0161k\u00e1lne \u0161krty v recesii (procyklickos\u0165). Index\u00e1cia soci\u00e1lnych platieb chr\u00e1ni re\u00e1lne pr\u00edjmy, ale pren\u00e1\u0161a infla\u010dn\u00e9 \u0161oky do rozpo\u010dtu.<\/p>\n<h2>Praktick\u00e9 indik\u00e1tory, diagnostika a monitoring<\/h2>\n<ul>\n<li><strong>Rozklad infl\u00e1cie:<\/strong> pr\u00edspevky energie, potrav\u00edn, tovarov, slu\u017eieb; oddelenie trval\u00fdch a do\u010dasn\u00fdch vplyvov.<\/li>\n<li><strong>Infla\u010dn\u00e9 o\u010dak\u00e1vania:<\/strong> prieskumy dom\u00e1cnost\u00ed a firiem; trhov\u00e9 ukazovatele (5y5y forward, break-even).<\/li>\n<li><strong>Dom\u00e1ce vs. extern\u00e9 tlaky:<\/strong> ULC, medzera produktu, ceny komod\u00edt, logistick\u00e9 indexy, v\u00fdvoj kurzu.<\/li>\n<\/ul>\n<h2>Tabu\u013ekov\u00e9 porovnanie infl\u00e1cie a defl\u00e1cie<\/h2>\n<table>\n<thead>\n<tr>\n<th>Aspekt<\/th>\n<th>Infl\u00e1cia<\/th>\n<th>Defl\u00e1cia<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>K\u00fapna sila pe\u0148az\u00ed<\/td>\n<td>Kles\u00e1<\/td>\n<td>Rastie<\/td>\n<\/tr>\n<tr>\n<td>Dl\u017en\u00edci vs. sporitelia<\/td>\n<td>V\u00fdhoda dl\u017en\u00edkov (re\u00e1lne dlh kles\u00e1)<\/td>\n<td>V\u00fdhoda sporite\u013eov, \u0165a\u017e\u0161ie spl\u00e1canie dlhov<\/td>\n<\/tr>\n<tr>\n<td>Invest\u00edcie a spotreba<\/td>\n<td>Sk\u00f4r ur\u00fdch\u013eovan\u00e9 (obava zo zdra\u017eovania)<\/td>\n<td>Odkladan\u00e9 (o\u010dak\u00e1vanie lacnej\u0161\u00edch cien)<\/td>\n<\/tr>\n<tr>\n<td>Rizik\u00e1<\/td>\n<td>Strata ukotvenia o\u010dak\u00e1van\u00ed, mzdovo-cenov\u00e1 \u0161pir\u00e1la<\/td>\n<td>Dlhov\u00e1 defl\u00e1cia, defla\u010dn\u00e1 \u0161pir\u00e1la, bankov\u00e9 straty<\/td>\n<\/tr>\n<tr>\n<td>Politick\u00e1 odpove\u010f<\/td>\n<td>Spr\u00edsnenie menovej\/fisk\u00e1lnej politiky<\/td>\n<td>Uvo\u013enenie menovej a fi\u0161k\u00e1lnej politiky, rekapitaliz\u00e1cia b\u00e1nk<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Postup pre tvorbu strat\u00e9gie v podniku a dom\u00e1cnosti<\/h2>\n<ol>\n<li>Ur\u010dte infla\u010dn\u00fd scen\u00e1r (bazick\u00fd, rizikov\u00fd, defla\u010dn\u00fd) a \u010dasov\u00fd horizont.<\/li>\n<li>Revidujte kontrakty: klauzuly o index\u00e1cii, \u00faprave cien, eskal\u00e1cii n\u00e1kladov.<\/li>\n<li>Riadenie riz\u00edk: diverzifik\u00e1cia zdrojov, z\u00e1sob, meny; hedging komod\u00edt a kurzov.<\/li>\n<li>Financovanie: fix\u00e1cia vs. variabilita sadzieb; splatnostn\u00fd profil dlhu.<\/li>\n<li>Invest\u00edcie: hodnotenie v nomin\u00e1lnych alebo re\u00e1lnych mierach konzistentne; stresov\u00e9 testy na \u0161oky cien vstupov a dopytu.<\/li>\n<\/ol>\n<h2>\u010cast\u00e9 omyly a praktick\u00e9 odpor\u00fa\u010dania<\/h2>\n<ul>\n<li><strong>\u201eNulov\u00e1 infl\u00e1cia je v\u017edy najlep\u0161ia\u201c:<\/strong> pr\u00edli\u0161 n\u00edzka infl\u00e1cia zvy\u0161uje riziko ZLB a defla\u010dn\u00fdch pasc\u00ed; mierny pozit\u00edvny cie\u013e u\u013eah\u010duje nomin\u00e1lne \u00fapravy miezd a cien.<\/li>\n<li><strong>\u201eInfl\u00e1cia je len menov\u00fd jav\u201c:<\/strong> dlhodobo \u00e1no, no v kr\u00e1tkom obdob\u00ed rozhoduj\u00fa aj ponukov\u00e9 \u0161oky, regul\u00e1cie a geopolitika.<\/li>\n<li><strong>\u201eDefl\u00e1cia je v\u017edy zl\u00e1\u201c:<\/strong> produktivitn\u00e1 defl\u00e1cia v jednotliv\u00fdch sektoroch m\u00f4\u017ee zvy\u0161ova\u0165 blahobyt; plo\u0161n\u00e1 defl\u00e1cia je v\u0161ak typicky \u0161kodliv\u00e1.<\/li>\n<\/ul>\n<h2>Zhrnutie<\/h2>\n<p>Infl\u00e1cia a defl\u00e1cia s\u00fa k\u013e\u00fa\u010dov\u00e9 makroekonomick\u00e9 javy, ktor\u00e9 p\u00f4sobia cez o\u010dak\u00e1vania, menovo-fisk\u00e1lne nastavenie a \u0161oky na strane ponuky a dopytu. \u00daspe\u0161n\u00e1 politika kombinuje d\u00f4veryhodn\u00e9 infla\u010dn\u00e9 cielenie, zodpovedn\u00e9 verejn\u00e9 financie a \u0161truktur\u00e1lne reformy. Pre dom\u00e1cnosti a podniky je rozhoduj\u00face akt\u00edvne riadenie riz\u00edk, kontraktov a financovania v s\u00falade s o\u010dak\u00e1van\u00fdm cenov\u00fdm prostred\u00edm.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Infl\u00e1cia zni\u017euje k\u00fapnu silu, defl\u00e1cia brzd\u00ed dopyt. Sledujte CPI, pr\u00ed\u010diny a politiky na stabiliz\u00e1ciu cien, vr\u00e1tane index\u00e1cie pr\u00edjmov a n\u00e1kladov.<\/p>\n","protected":false},"author":47,"featured_media":84329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[652],"tags":[1086,2295,2296,2297,2298,2299,200,2300],"class_list":["post-44329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","tag-ceny","tag-cpi","tag-dosledky","tag-indexacia","tag-inflacia-a-deflacia","tag-kupna-sila","tag-politika","tag-priciny"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Infl\u00e1cia a defl\u00e1cia: Meranie, pr\u00ed\u010diny a ekonomick\u00e9 d\u00f4sledky - Auto\u0161koly.sk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.autoskoly.sk\/news\/inflacia-a-deflacia-meranie-priciny-a-ekonomicke-dosledky\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infl\u00e1cia a defl\u00e1cia: Meranie, pr\u00ed\u010diny a ekonomick\u00e9 d\u00f4sledky - Auto\u0161koly.sk\" \/>\n<meta property=\"og:description\" content=\"Infl\u00e1cia zni\u017euje k\u00fapnu silu, defl\u00e1cia brzd\u00ed dopyt. 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