Inflation in the Czech Republic was 8.5% in August, compared to 8.8%. in July. This is the lowest level since the end of 2021.
Data presented on Monday by the Czech statistical office show that inflation in this country decreased to 8.5% in August, compared to 8.8%. in July. This means that inflation in our southern neighbors is the lowest since December 2021.
Inflation in the Czech Republic remains single digit
Today’s data are consistent with economists’ expectations. The market consensus assumed a drop in inflation to 8.5%. on an annual basis.
Data quoted by Bankier.pl show that the Czech CPI increased by 0.2% compared to July. after an increase of 0.5 percent in July and 0.3 percent in June. Maintaining average monthly CPI increases at the level of the last three months would mean that in a year’s time CPI inflation would amount to approximately 4.13%. Every year.
Although August was another month of slowing inflation, the prices of some goods were clearly higher than in July. By 7.7 percent on a monthly basis, fuel prices increased, cigarettes by 1.3% and wine by 1.1%. However, vegetables became cheaper (by 6.7%), including tomatoes (by 13.3%), eggs (by 6.6%) and poultry (by 2.3%).
Compared to August last year, the prices increased mainly for vegetables (by 24.5%) and eggs (by almost 17%). However, butter was cheaper than a year ago (by 30%), as well as flour and milk (by 14% and 12.3%, respectively).
Bankier.pl points out that, apart from food, utility costs were an important factor driving the annual dynamics of the Czech CPI. Water supply bills increased by 16.3%. year to year, sewage collection cost as much as 23.9%. more than a year ago. Electricity prices increased by 23.1%. year to year, hot water by 37.3%, gas by 34.5% and solid fuels by 22.3%.
Inflation in our southern neighbors reached single-digit levels in June. There was then a decline from 11.1 percent. in May to 9.7 percent In Poland – according to preliminary data from the Central Statistical Office – inflation amounted to 10.1 percent in August.