Consumer prices rose by 0.3 % month-on-month. This development was mainly influenced by higher prices in the housing section. Year-on-year, consumer prices rose by 2.8 % in October, 0.2 percentage point higher than in September.
Month-on-month comparison
Month-on-month, consumer prices rose by 0.3 % in October. In the housing section, prices of solid fuels in particular were higher by 1.7 %, housing rents by 0.4 % and goods and services for the routine maintenance of the dwelling also by 0.4 %. In the food and non-alcoholic beverages section, prices of fruit increased mainly by 5.9 %, eggs by 15.5 %, bakery products and cereals by 0.6 % and butter by 3.5 %. The prices of semi-skimmed long-life milk fell by 15.0 %, meat by 1.1 %, vegetables by 1.5 % and sugar by 11.3 %. Price developments in the clothing and footwear section were influenced by higher prices of clothing by 0.8 % and footwear by 1.2 %.
Aggregate prices of goods rose by 0.2 % and prices of services by 0.5 %.
Year-on-year comparison
"Consumer prices continued to accelerate year-on-year in October. However, as in September, this was dampened by fuel prices, which have fallen for three consecutive months. Diesel was sold at petrol stations at an average price of CZK 34.20/l in October and Natural 95 petrol at around CZK 35.60/l. In the case of diesel this was the lowest value since last July and in the case of Natural 95 petrol even since October 2021," She told Pavla Šedivá, Head of the Consumer Price Statistics Division of the CZSO.
Year-on-year, consumer prices rose by 2.8 % in October, 0.2 percentage point higher than in September. This Acceleration annual price growth was mainly influenced by price developments in the housing division. Electricity prices were up by 10.5 % in October (up by 8.8 % in September) and natural gas prices fell by 2.3 % (down by 4.2 % in September). This acceleration in growth or moderation in the decline was due to their larger month-on-month decline in October last year. Heat and hot water prices rose by 8.3 % y-o-y (up 6.9 % in September) and solid fuel prices moved from a 0.9 % decline in September to a 0.9 % increase in October.
On a year-on-year basis price level increase prices in the housing section, where (in addition to the above-mentioned) the prices of rent from a dwelling increased by 6.2 %, goods and services for routine maintenance of a dwelling by 4.2 %, water charges by 10.9 % and sewerage charges by 13.4 %. Next in order of influence were prices in the food and accommodation section, where prices for food services and accommodation services were higher by 6.9 and 9.0 % respectively. In alcoholic beverages, tobacco, prices of spirits increased by 4.5 %, beer by 4.4 % and tobacco products by 7.0 %. Wine prices decreased by 1.6 % year-on-year. In the recreation and culture section, prices of full-service holidays increased by 5.0 %. In the food and non-alcoholic beverages section, prices were mainly higher for butter by 40.6 % and for chocolate and chocolate products by 14.4 %. Prices in the transport division were the main contributor to the year-on-year decline in October, mainly due to the price of fuels and oils, which were 11.4 % lower year-on-year.
The cost of owner-occupied housing (imputed rent) rose by 1.7 % yoy (1.4 % in September), mainly due to the rise in new property prices. The aggregate consumer price index excluding owner-occupied housing costs was 102.9 %. Aggregate prices of goods rose by 1.3 % and prices of services by 5.3 %.
The level of the base period average 2015 CPI was 152.3 % in October (151.8 % in September).
The inflation rate, expressed as the increase in the average consumer price index over the past 12 months compared with the average of the previous 12 months, was 3.1 % in October (3.5 % in September).
Harmonised Index of Consumer Prices (HICP)
According to preliminary HICP calculations in October in the Czech Republic Monthly increased by 0.3 % and year-on-year by 3.0 % (2.8 % in September). According to flash estimates. Eurostatubyla year-on-year HICP change in October 2024 for the Eurozone 2.0 % (1.7 % in September), 2.4 % in Germany and 3.5 % in Slovakia. The highest was in Belgium in October (4.7 %) and the lowest in Slovenia (0.0 %). According to preliminary Eurostat data, the year-on-year HICP change 27 EU countries in September 2.1 %, which was 0.3 percentage point lower than in August. It was highest in September in Romania (4.8 %) and lowest in Ireland (0.0 %).
More information on the Eurostat website: HICP.
CSO/ gnews - RoZ
ILLUSTRATIVE PHOTO - pixabay
