The Czech Republic Has The 13th Highest Inflation In Europe

According to the investment platform Portu analysis, despite a decrease, the Czech Republic had the 13th highest inflation among 41 European countries in May. The country improved by one position from April. The annual inflation rate in May decreased to 11.1% from 12.7% in April, as the Czech Statistical Office announced on Monday.

The highest inflation rate in Europe is in Hungary, with 21.5%, followed by Moldova at 16.3%, Ukraine at 15.3%, and Serbia at 15.1%. Slovakia and Poland, the neighboring countries of the Czech Republic, have 13.8% and 13% inflation rates, respectively. On the other hand, Germany has a lower inflation rate of 6.1%, and Austria has 8.8%.

Switzerland and Liechtenstein have the lowest inflation rates in Europe at 2.2%, followed by Russia at 2.5%, Greece at 2.8%, and Denmark at 2.9%.

Despite the decrease, inflation in the Czech Republic remains high. In contrast, inflation in the eurozone fell by 0.9 points to 6.1% in May and is at the lowest level since February 2022. In the US, inflation declined for the tenth consecutive month in April to 4.9% from 5% in March, the lowest value since April 2021.

Turkey still has high inflation, with the rate gradually decreasing from around 80% in the second half of last year to 39.59% in May. However, this decrease is questionable, considering the slowdown resulting from the pre-election promise of President Recep Tayyip Erdogan to provide unlimited amounts of natural gas to all households for one year.

Most Asian countries have much lower inflation rates. In China, the inflation rate increased to 0.2% in May from 0.1% in April. The low inflation rate in China is due to the remnants of its zero-tolerance policy towards COVID-19, which led to closures and suppressed consumer demand. Taiwan also reports lower inflation, which slightly decreased to 2% in May from 2.35% in April.