The Czech Republic’s inflation rate remained steady at 2.7% year-on-year in March, maintaining the same level as February. While food prices saw significant increases, the impact was offset by falling fuel costs.
According to Pavla Šedivá from the Czech Statistical Office, Natural 95 gasoline reached its lowest price point since September 2021, averaging 35.25 CZK per liter. Diesel prices also hit their lowest since November, settling at 34.83 CZK per liter.
The food sector presents a mixed picture, with eggs leading the price increases at a striking 46% surge compared to last year. Chocolate prices jumped by 34%, while butter saw a 27% increase. Coffee and cocoa prices also experienced significant growth.
In the utilities sector, some relief came from decreasing electricity and gas prices, which fell by 4.8% and 8.5% respectively. Consumers also benefited from slight reductions in clothing and footwear prices.
However, Creditas Bank analyst Petr Dufek warns that food price increases might not be over yet, describing food as “the main and unpredictable inflationary factor”.