Annual consumer price inflation in the Czech Republic accelerated again after slowing in October. The inflation rate reached 16.2 percent in November. Inflation rose by 1.2 percent month-on-month. This was mainly due to higher housing and food prices. The Czech Statistical Office (CSO) published the data on Monday.
“The overall price level accelerated again after a month-long pause. This was partly due to last year’s lower comparative base when VAT on electricity and gas prices was waived,” said Pavla Šedivá, head of the consumer price statistics department at the Czech Statistical Office.
Thanks to the government’s austerity measures, electricity was 23.4 percent cheaper in November year-on-year (in October, it was down by 38.2 percent). Natural gas prices accelerated to 139 percent growth (up from 85.3 percent in October). The growth of car prices slowed to 12.7 percent (14.4 percent in October) and fuel and oil prices to 14.5 percent (21.7 percent in October).
The statisticians recorded the most significant year-on-year price jump in the food, non-alcoholic beverages, and housing sections. “Food prices rose 27.1 percent year-on-year (26.2 percent in October). In particular, flour prices were higher by 48.3 percent, semi-skimmed long-life milk by 52.5 percent, eggs by 71.9 percent, oils and fats by 40.8 percent, potatoes by 42.4 percent, and sugar by 109.3 percent,” the CSO said.
In housing costs, solid fuels became the most expensive at 68.8 percent, followed by heat and hot water at 30.2 percent.