Consumer price inflation in the Czech Republic increased to 16.2% in November, with a month-on-month increase of 1.2%. This rise was mainly due to higher housing and food prices. According to the Czech Statistical Office, this acceleration was partly due to last year’s lower comparative base when value-added tax on electricity and gas prices was waived.

The government’s austerity measures resulted in electricity being 23.4% cheaper year-on-year and natural gas prices increasing by 139%. Furthermore, prices for food, non-alcoholic beverages and housing had the most significant year-on-year price jump. Flour prices were higher by 48.3%, semi-skimmed long-life milk by 52.5%, eggs by 71.9%, oils and fats by 40.8%, potatoes by 42.4%, and sugar by 109.3%. In housing, solid fuels became the most expensive, rising by 68.8%, followed by heat and hot water at 30.2%.

Article by Prague Forum