Consumer prices rose by 0.3% month-on-month. This increase was mainly driven by higher prices in the housing sector. Year-on-year, consumer prices rose by 2.8% in October, which was 0.2 percentage points higher than in September.

Month-on-month comparison

Consumer prices rose by 0.3% month-on-month in October. In the housing sector, prices of solid fuels increased by 1.7%, rents for apartments by 0.4%, and products and services for regular maintenance of apartments also by 0.4%. In the food and non-alcoholic beverages sector, prices of fruits increased by 5.9%, eggs by 15.5%, baked goods and cereals by 0.6%, and butter by 3.5%. Prices of semi-skimmed milk fell by 15.0%, meat by 1.1%, vegetables by 1.5%, and sugar by 11.3%. The development of prices in the clothing and footwear sector was influenced by higher prices of clothing by 0.8% and footwear by 1.2%.

The prices of goods increased by a total of 0.2%, and the prices of services increased by 0.5%.


Year-on-year comparison

"Consumer prices continued to accelerate year-on-year in October. However, this increase was offset by lower prices of fuels, which have been falling for three consecutive months. In October, diesel was sold on average for approximately 34.20 CZK per liter at gas stations, and Natural 95 gasoline was sold for approximately 35.60 CZK per liter. This was the lowest value for diesel since July of last year, and for Natural 95 gasoline, it was the lowest since October 2021," said Pavla Šedivá, head of the consumer price statistics department at the Czech Statistical Office.

Year-on-year, consumer prices rose by 2.8% in October, which was 0.2 percentage points higher than in September. This acceleration of the year-on-year price increase was mainly influenced by developments in the housing sector. Electricity prices were higher in October by 10.5% (compared to an increase of 8.8% in September), and natural gas prices fell by 2.3% (compared to a decrease of 4.2% in September). This acceleration of the increase, or mitigation of the decrease, was a consequence of their larger month-on-month decrease in October of last year. Prices of heating and hot water rose year-on-year by 8.3% (compared to an increase of 6.9% in September), and prices of solid fuels shifted from a September decrease of 0.9% to an increase of 0.9% in October.

https://twitter.com/statistickyurad/status/1855885184182210753

In October, the year-on-year increase in the price level was mainly driven by prices in the housing sector. In addition to the previously mentioned factors, rents for apartments increased by 6.2%, prices for products and services for regular apartment maintenance rose by 4.2%, water bills increased by 10.9%, and sewage charges increased by 13.4%. Prices in the food and accommodation services sector also contributed to the increase, with higher prices for catering services up by 6.9% and accommodation services up by 9.0%. Prices for alcoholic beverages, tobacco products, and spirits increased by 4.5%, beer by 4.4%, and tobacco products by 7.0%. Wine prices decreased year-on-year by 1.6%. In the recreation and culture sector, the prices of package holiday services increased by 5.0%. In the food and non-alcoholic beverages sector, prices for butter increased significantly by 40.6%, and chocolate and chocolate products increased by 14.4%. Prices in the transportation sector contributed to the year-on-year decrease in the price level, mainly due to lower prices for fuels and oils, which decreased by 11.4% year-on-year.

The cost of owner-occupied housing (imputed rent) increased year-on-year by 1.7% (compared to 1.4% in September), mainly due to the increase in prices for new properties. The overall consumer price index, excluding the cost of owner-occupied housing, was 102.9%. Prices for goods increased overall by 1.3%, and prices for services increased by 5.3%.

The base index of the consumer price index, relative to the average of 2015, was 152.3% in October (compared to 151.8% in September).

The inflation rate, measured as the increase in the average consumer price index over the last 12 months compared to the previous 12 months, was 3.1% in October (compared to 3.5% in September).

Harmonized Index of Consumer Prices (HICP)

According to preliminary calculations, the HICP in October in the Czech Republic increased month-on-month by 0.3% and year-on-year by 3.0% (compared to 2.8% in September). According to flash estimates from Eurostat, the year-on-year change in the HICP for the Eurozone in October 2024 was 2.0% (compared to 1.7% in September), in Germany it was 2.4%, and in Slovakia it was 3.5%. The highest rate was in Belgium (4.7%) and the lowest in Slovenia (0.0%). According to preliminary data from Eurostat, the year-on-year change in the HICP for the 27 EU member states in September was 2.1%, which was 0.3 percentage points lower than in August. The highest rate in September was in Romania (4.8%) and the lowest in Ireland (0.0%).

More information is available on the Eurostat website: HICP.

Czech Statistical Office (ČSÚ) / gnews - RoZ

ILLUSTRATIVE PHOTO - pixabay