Inflation in the Czech Republic stood at 2.3% in September, slightly lower than in August. Mainly cheaper prices for food and travel contributed to a slight decline in living costs.
In September, consumer prices in the Czech Republic fell slightly. According to the Czech Statistical Office (ČSÚ), the decrease compared with August was 0.6%, primarily due to falling prices for travel and food. Compared with the previous year, inflation stood at 2.3%, slightly lower than in August.
Monthly Decline
The price reduction was particularly noticeable in the leisure and culture sector. After the end of the summer season, package holiday prices fell by 21.1%. Food and non-alcoholic beverages also became cheaper: vegetables dropped by 3.9%, potatoes even by 9%. Prices rose, however, particularly for alcohol and tobacco products: tobacco increased by 0.9%, beer by 1.6%, and spirits by 0.9%. Butter (+9.7%) and eggs (+4.3%) also became more expensive.
Overall, goods prices fell by 0.4%, and services prices by 0.9%.
Annual Price Development
Compared with the previous year, consumer prices in September rose by 2.3% — the pace of inflation has thus slowed for the third consecutive time. Annual price growth was the lowest since April this year. According to Pavla Šedivá, head of the Consumer Price Statistics Department at the ČSÚ, food prices had the greatest impact on this development. Overall, goods prices increased by 0.8% and services prices by 4.7%.
EU Comparison
Preliminary calculations indicate that the Harmonised Index of Consumer Prices (HICP) in the Czech Republic fell by 0.8% in September compared with August and was 2.0% above the previous year’s level (August: +2.4%). In the euro area, the inflation rate according to Eurostat was 2.2%. In Germany, it stood at 2.4%, and in Slovakia at 4.6%.
