According to preliminary estimates released by the Czech Statistical Office (CSÚ), the year-on-year inflation rate in the Czech Republic remained unchanged at 2.7% in March. The figure comes as a surprise to analysts, who had projected a decline to 2.4%.
Food prices continue to be a key driver of inflation, with food, alcohol, and tobacco costs accelerating from 4.7% to 5.9% year-on-year. Unprocessed food items saw a particularly sharp increase of 9.3%, while processed foods, alcohol, and tobacco products rose by 5.1%.
In contrast, energy prices, including fuel, provided some relief to consumers. The sector witnessed a deeper price decline, moving from -3.6% in February to -4.9% in March. Statisticians note that without the energy sector’s deflationary effect, overall inflation would have jumped to 3.8%.
The services sector showed signs of cooling, with price growth easing slightly from 4.7% to 4.5%. However, goods inflation edged up from 1.4% to 1.6%.
Looking ahead, both the Czech National Bank and the Ministry of Finance maintain optimistic forecasts, projecting average inflation of 2.4% and 2.3% respectively for the year. The final March inflation figures will be released on Thursday, April 10.