This development was primarily influenced by higher prices in the food and non-alcoholic beverages sector. Consumer prices rose year-on-year in November, as they did in October, by 2.8%.

Month-on-month comparison

Consumer prices rose month-on-month in November by 0.1%. In the food and non-alcoholic beverages sector, prices of eggs increased by 23.3%, meat by 0.4%, and cheeses and cottage cheese by 1.3%. In the transportation sector, prices of fuels and oils rose by 0.8%. The overall decrease in the price level in November was mainly due to prices in the alcoholic beverages, tobacco, and household equipment sectors, where prices of spirits fell by 2.1%. In the household equipment sector, prices of appliances and household goods were lower by 1.8%.

Overall, prices of goods and services rose by 0.1%.

Year-on-year comparison

"In November, prices rose year-on-year by 2.8%, the same as in October. However, the development of prices in the individual sectors of the consumer basket was different. The only sector where prices fell year-on-year was clothing and footwear, by just under 1%," said Pavla Šedivá, head of the consumer price statistics department at the Czech Statistical Office.

Consumer prices rose year-on-year in November, as they did in October, by 2.8%. However, the development of prices in the individual sectors of the consumer basket was different in November. There was an acceleration of the year-on-year price increase, particularly in the food and non-alcoholic beverages sector, where prices in the milk, cheese, and eggs group shifted from a decrease of 0.1% in October to an increase of 4.3% in November. Egg prices rose from a decrease of 5.6% in October to an increase of 31.7% in November. Meat prices fell by 1.3% (a decrease of 3.4% in October). Conversely, in the housing sector, there was a slowdown in the rate of price increase. Electricity prices rose by 9.2% (an increase of 10.5% in October), and gas prices fell by 2.9% (a decrease of 2.3% in October). The development of prices in the transportation sector was mainly influenced by a moderation in the decline in prices of fuels and oils. These were 7.6% lower year-on-year in November (a decrease of 11.4% in October).

In November, the year-on-year increase in the price level was primarily driven by prices in the housing sector. In addition to the previously mentioned factors, rents for apartments increased by 6.3%, prices for products and services for regular apartment maintenance rose by 4.0%, water bills increased by 10.9%, sewage charges increased by 13.4%, and the cost of heating and hot water rose by 8.5%. Alcoholic beverages, tobacco, and tobacco products also saw price increases, with spirits rising by 3.3%, beer increasing by 3.0%, and tobacco products increasing by 7.0%. Wine prices, on the other hand, decreased year-on-year by 2.0%. In the catering and accommodation sector, prices for catering services increased by 6.7% and accommodation services increased by 8.8%. In the recreation and culture sector, the prices of package holiday services increased by 6.6%. Prices in the clothing and footwear sector contributed to the year-on-year decrease in the overall price level, with clothing prices falling by 0.5% and footwear prices falling by 2.3%.

The cost of owner-occupied housing (imputed rent) increased year-on-year by 1.5% (compared to 1.7% in October), mainly due to the increase in the prices of new properties. The aggregate consumer price index, excluding the cost of owner-occupied housing, was 103.0%.

Overall, the prices of goods increased by 1.4% and the prices of services increased by 5.2%.

The level of the basic consumer price index, relative to the average of 2015, was 152.4% in November (compared to 152.3% in October).

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 2.7% in November (compared to 3.1% in October).

Harmonized Index of Consumer Prices (HICP)

According to preliminary calculations, the HICP in November increased month-on-month by 0.1% and year-on-year by 3.1% (compared to 3.0% in October). According to flash estimates from Eurostat, the year-on-year change in the HICP for the Eurozone in November 2024 was 2.3% (compared to 2.0% in October), in Germany it was 2.4%, and in Slovakia it was 3.6%. The highest increase was in Belgium (5.0%) and the lowest in Ireland (0.5%). According to preliminary data from Eurostat, the year-on-year change in the HICP for the 27 EU member states in October was 2.3%, which was 0.2 percentage points higher than in September. The highest increase was in Romania (5.0%) and the lowest in Slovenia (0.0%).

More information is available on the Eurostat website: HICP.

CZSO/ gnews – RoZ