Inflation in the Czech Republic: Ranking Sixth Highest in Europe

In November, the Czech Republic improved slightly in the European inflation ranking. Of the 41 monitored European countries, it had the sixth highest inflation that month, while in October, the Czech Republic had the fifth highest inflation. This information is based on an analysis by the investment platform Portu. According to published data from the Czech Statistical Office (CSÚ), the year-on-year increase in consumer prices in the Czech Republic in November slowed down to 7.3 percent from October’s 8.5 percent.

According to the analysis, the placement is mainly due to the impact of the austerity tariff. Without its inclusion, the Czech Republic would have taken the 18th position, while in October, it was in the 16th. Just as in October, the calculation of total inflation this November was influenced by the fact that a year ago, statisticians included the government’s austerity energy tariff as a reduction in electricity in the calculation. Without this influence, the year-on-year inflation in November would have been 4.7 percent, according to CSÚ.

The highest inflation in Europe was in Serbia, with 8.5 percent. It was followed by Romania with 8.07 percent, Iceland with eight percent, Hungary with 7.9 percent, and Russia with 7.5 percent. Among the countries bordering the Czech Republic, inflation is still relatively high in Slovakia (7.07 percent), in Poland it is 6.5 percent, and in Austria 5.4 percent. Germany, with 3.2 percent, is already approaching the two percent inflation target of the European Central Bank.

The lowest inflation among European countries was recorded in Denmark, where it was 0.6 percent in November. Inflation is also expected in Belgium (0.76 percent), Italy (0.76 percent), and Latvia (one percent).

According to the first estimate in November, inflation in the eurozone fell; in year-on-year terms, it was 2.4 percent and reached the lowest level since July 2021. The highest inflation rate in the euro was 10.6 percent in October last year. November year-on-year inflation in the USA will be published on Tuesday. A slight decrease to 3.1 percent from October’s 3.2 percent is expected.