Consumer prices rose by 2.4 % y-o-y in 2024, down 8.3 percentage points from the previous year. The growth in the price level was mainly driven by prices in the housing section. Starting in 2025, users will have basic information on price developments earlier, as the Czech Statistical Office is introducing a preliminary estimate of the consumer price index from 6 February, when data for January will be published.
"The average inflation rate in 2024 was 2.4 %, 8.3 percentage points lower than in 2023 and the lowest since 2018. Throughout 2024, the annual growth rate was between two and three per cent. The lowest year-on-year price growth was recorded in February, March and June, when it was two percent. The highest, three percent, was in December," He told Marek Rojicek, Chairman of the Czech Statistical Office.
Inflation in 2024 was mainly influenced by price increases in the housing section. To a lesser extent, inflation was also driven by price increases in the food and accommodation and alcoholic beverages and tobacco sections. The opposite effect, i.e. a decrease in the price level, was exerted by price developments in the food and non-alcoholic beverages division.
Following the demands of users, in particular the Czech National Bank, the Czech Statistical Office will introduce a completely new product from the reference month of January 2025 - a preliminary estimate of the consumer price index. It will be published usually five days after the end of the month. "The new output will offer users more timely information on consumer price developments and will publish annual and monthly price indices for the main analytical product groups in a similar breakdown to that published by Eurostat," specifies Marek Rojíček. The calculation of the preliminary index will be refined in the standard estimate of the consumer price index. It is therefore not appropriate to refer to the preliminary consumer price index in draft legislation and contractual relations.
The Czech Statistical Office publishes the standard consumer price index about 10 days after the end of the reference month. At the same time, detailed indices for individual groups according to the COICOP classification and other related information are published as standard. All data sources are included in the calculation of the standard CPI and therefore the index is not revised.
Consumer prices down 0.3 m/m %
This development was mainly influenced by lower prices in the food and non-alcoholic beverages and alcoholic beverages, tobacco sections. Year-on-year, consumer prices rose by 3.0 % in December, 0.2 percentage point higher than in November.
Month-on-month comparison
Month-on-month, consumer prices fell by 0.3 % in December. In the food and non-alcoholic beverages section, prices were down mainly by 2.8 % for fruit, 1.8 % for vegetables, 2.2 % for poultry meat, 1.9 % for pork, 1.1 % for sausages, 4.0 % for semi-skimmed long-life milk and 1.0 % for cheese and curd. In contrast, potato prices increased by 10.9 % month-on-month and butter prices by 5.1 %. Price developments in alcoholic beverages, tobacco were affected by lower prices of wine by 5.5 %, spirits by 2.5 % and beer by 1.2 %. In the housing division, prices of natural gas fell by 2.4 % and in the other goods and services division, prices of personal care goods and services fell by 1.1 1 %.
Aggregate prices of goods fell by 0.5 % and prices of services remained at November's level.
Year-on-year comparison
Year-on-year, consumer prices rose by 3.0 % in December, 0.2 % percentage point higher than in November. To Acceleration the year-on-year price increases occurred mainly in the food and non-alcoholic beverages division (partly due to a larger month-on-month decline in December 2023) and in the transport division. In the food and non-alcoholic beverages section, prices of eggs rose by 36.3 % in December (31.7 % in November), oils and fats by 16.9 % (10.0 % in November), and fruit by 5,9 % (up 2.8 % in November), chocolate and chocolate products by 28.0 % (up 15.8 % in November) and soft drinks by 5.9 % (up 4.3 % in November). Price developments in the transport division were mainly influenced by a moderation of the decline in fuel and oil prices. These were down by 2.6 % yoy in December (down by 7.6 % in November).
On a year-on-year basis price level increase prices had the biggest impact in December in the housing section, where apartment rents rose2) by 6.2 %, goods and services for routine maintenance of the dwelling by 4.1 %, water by 10.9 %, sewerage by 13.4 %, electricity by 8.0 %, heat and hot water by 8.5 %. Natural gas prices decreased by 5.5 %. Next in order of influence were prices in the alcoholic beverages, tobacco section, where prices of spirits increased by 3.4 %, beer by 4.8 % and tobacco products by 7.0 %. Wine prices fell by 2.3 % year-on-year. In the food and accommodation division, prices of food services and accommodation services were higher by 6.4 and 9.0 % respectively. Prices in food and non-alcoholic beverages increased by 1.7 % yoy. In the recreation and culture division, prices for full-service holidays increased by 4.9 %. Prices in the clothing and footwear division were responsible for the year-on-year decline in the overall price level in December, with prices of clothing falling by 0.4 % and footwear by 2.3 %.
The cost of owner-occupied housing (imputed rent) rose by 1.7 % yoy (1.5 % in November), mainly due to the rise in new house prices. The aggregate consumer price index excluding owner-occupied housing costs was 103.1 %.
Aggregate prices of goods rose by 1.7 % and prices of services by 5.0 %.
The level of the base period average 2015 CPI was 152.0 % in December (152.4 % in November).
Average inflation rate
"The average inflation rate for 2024 was 2.4 %. Aggregate prices of goods rose by 0.9 % and prices of services by 5.1 1 % in 2024," she said. Pavla Šedivá, Head of the Consumer Price Statistics Division of the CZSO.
(A summary of CPI developments in 2024 is included in the Q4 analysis issued in parallel.)
Harmonised Index of Consumer Prices (HICP)
According to preliminary HICP calculations in December in the Czech Republic Monthly decreased by 0.3 % and year-on-year increased by 3.3 % (3.1 % in November). According to flash estimates. Eurostatubyla year-on-year HICP change in December 2024 for the Eurozone 2.4 % (2.2 % in November), 2.8 % in Germany and 3.1 % in Slovakia. The highest was in Croatia in December (4.5 %) and the lowest in Ireland (1.0 %). According to preliminary Eurostat data, the year-on-year HICP change The 27 EU countries in November 2.5 %, which was 0.2 percentage point higher than in October. It was highest in November in Romania (5.4 %) and lowest in Ireland (0.5 %).
(More information on the Eurostat website: HICP.)
CSO/ gnews - RoZ
PHOTO by Towfiq barbhuiya on Unsplash
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