Czech consumer prices (inflation) increased by 2.8% year on year and by 0.3% month on month, accelerating from the annual 2.6% rise in September. The development came as largely expected by local market analysts.

“As in September, [the growth] was moderated by fuel prices, which dropped for three consecutive months,” Paval Sediva of the Consumer Price Statistics Unit at the Czech Statistical Office (CZSO) commented.

“On average, diesel was sold at gas stations approximately for CZK34.20 (€1.35) per litre in October and petrol Natural 95 approximately for CZK35.60 (€1.41) per litre,” Sediva also stated, adding that “in case of diesel it was the lowest value since July last year and in case of petrol Natural 95 even since October 2021.”

The y/y price growth in the section of housing, water, electricity, gas and other fuels contributed to the overall development when electricity prices went up by 10% (compared to 8.8% in September), followed by prices of heat and hot water (+8.3% compared to 6.9% in September) and prices of solid fuels (+0.9% compared to -0.9%).   

Moreover, prices of actual rentals increased by 6.2% y/y in October, as did services for maintenance and repair of dwellings (+4.2%), water supply (+10.9%) and sewage collection (+13.4%). Prices in the section of restaurants and hotels grew by 6.9% for catering services and by 9% for accommodation services. In the alcoholic beverages and tobacco section, prices of spirits climbed by 4.5%, beer by 4.4% and tobacco products by 7%.

Overall, prices of goods grew by 1.3% y/y and prices of services by 5.3%. In m/m terms, prices of goods increased by 0.2% and prices of services by 0.5%.