Price growth accelerated slightly year on year, with the largest impact of prices in the housing section

Consumer prices fell by 0.4 % month-on-month. This development was mainly influenced by lower prices in the recreation and culture and transport sections. Year-on-year, consumer prices rose by 2.6 % in September, 0.4 percentage point higher than in August.

Month-on-month comparison

Month-on-month, consumer prices fell by 0.4 % in September. In the recreation and culture section, prices for full-service holidays fell by 20.9 % as the summer season ended. In the transport division, fuel and oil prices were lower by 4.8 %. The average price of Natural 95 petrol (35.83¢/l) was the lowest since October 2021 and the average price of diesel (34.22¢/l) was the lowest since July 2023. The largest contributors to the month-on-month increase in consumer prices in September were the prices in the food and non-alcoholic beverages section, where prices increased mainly for butter by 16.0 %, semi-skimmed long-life milk by 14.1 1 %, poultry meat by 4.1 1 %, vegetables by 2.1 1 % and fruit by 1.3 %. On the other hand, prices of pork and potatoes were particularly lower by 1.4 % and 4.2 % respectively compared to August. In the context of the start of the new school year, prices in the education section increased by 10.5 %. Kindergarten fees increased by 28.4 %, private grammar and private secondary school fees by 7.1 %, language fees by 5.2 %, primary art school fees by 1.4 % and nursery school fees by 39.6 %.

Aggregate prices of goods fell by 0.1 % and prices of services by 0.8 %.
 

Year-on-year comparison

"As in August, September's year-on-year consumer price inflation was strongly influenced by food and fuel prices. Food prices rose year-on-year for the first time since last November. For example, prices of semi-skimmed long-life milk were up by around 20 % in September compared to last year, butter by around 43 % and chocolate products by 22 %," She told Pavla Šedivá, Head of the Consumer Price Statistics Division of the CZSO.

Year-on-year, consumer prices rose by 2.6 % in September, 0.4 percentage point higher than in August. This Acceleration annual price growth was mainly influenced by price developments in the food and non-alcoholic beverages and transport sections. Prices in the food and non-alcoholic beverages section moved from a decline of 1.8 % in August to a rise of 0.6 % in September. Prices of fruit rose by 2.8 % in September (down 2.4 % in August), vegetables by 3.1 % (down 2.0 % in August), semi-skimmed long-life milk by 20.3 % (down 3.3 % in August). Butter prices accelerated their rise to 42.5 % in September (up 22.4 % in August). Prices in the transport division were mainly influenced by fuel and oil prices, which were down 11.2 % yoy in September (down 4.1 1 % in August).

On a year-on-year basis price level increase prices in the housing section had the largest impact in September, with apartment rent rising by 6.4 %, goods and services for routine maintenance of the apartment by 4.0 %, water charges by 10.9 %, sewerage charges by 13.4 %, electricity by 8.8 % and heat and hot water by 6.9 %. The prices of natural gas and solid fuels decreased by 4.2 % and 0.9 % respectively. Prices in the food and accommodation section were next in order of influence, due to higher prices for food services and accommodation services by 6.9 and 8.8 % respectively. In the alcoholic beverages, tobacco section, prices of spirits increased by 5.0 %, beer by 5.1 % and tobacco products by 6.6 %. Wine prices decreased by 4.1 % year-on-year. In recreation and culture, prices of full-service holidays increased by 4.0 %. Conversely, prices in the transport section (down by 1.8 %) had the largest impact on the year-on-year decline in the overall price level in September.

The cost of owner-occupied housing (imputed rent) rose by 1.4 % yoy (1.2 % in August), mainly due to the rise in new property prices. The aggregate consumer price index excluding the cost of owner-occupied housing was 102.7 %: Methodological note.)

Aggregate prices of goods rose by 1.2 % and prices of services by 5.0 %.

The level of the base period average 2015 CPI was 151.8 % in September (152.4 % in August).

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 3.5 % in September (3.9 % in August).
 

Harmonised Index of Consumer Prices (HICP)

According to preliminary HICP calculations in September in the Czech Republic Monthly decreased by 0.5 % and year-on-year increased by 2.8 % (2.4 % in August). According to flash estimates. Eurostatubyla year-on-year HICP change in September 2024 for the Eurozone 1.8 % (2.2 % in August), 1.8 % in Germany and 2.9 % in Slovakia. The highest was in Belgium in September (4.5 %) and the lowest in Ireland (0.2 %). According to preliminary Eurostat data, the year-on-year HICP change 27 EU countries in August 2.4 %, which was 0.4 percentage point lower than in July. It was highest in Romania (5.3 %) and lowest in Lithuania (0.8 %) in August.

(More information on the Eurostat website: HICP.)

CSO/ qgnews - RoZ

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