Bratislava - Slovakia's inflation declined for the first time this year as the central European country prepares to switch to the euro on January 1, government data showed Wednesday.

The annual inflation rate fell to 5.1 per cent in October, from the 2008 peak of 5.4 per cent recorded in September, the Slovak Statistical Office said.

Consumer prices had climbed since January when the indicator stood at 3.8 per cent, the data showed.

The first former Soviet satellite to enter Europe's monetary union, Slovakia has pledged to rein in inflation as part of its euro- adoption deal with the European Central Bank and the European Union.

The Slovak economy has grown at a record pace in recent years as foreign carmakers have invested in the country. But it is expected to slow down in the aftermath of the global financial crisis. (dpa)