Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  August 09, 2012 09:35:12

CR - Inflation slowed in July and mom mezročně


Consumer prices fell in July compared with June by 0.1%. This development was influenced mainly lower prices of food and nonalcoholic beverages, clothing and footwear, transport. Annual consumer price inflation slowed to 3.1% (from 3.5% in June).

A monthly decrease consumer prices of food and soft drinks were mainly lower prices of vegetables by 12.7%, the price of potatoes fell by 29.1% and vegetables grown by 22.6%. Significantly reduced the prices of stone fruit and berries (26.7%). Prices of eggs, yogurt, sugar and tea were lower by 1.5 to 1.9%. In 'clothing and footwear prices fell by 3.4% of clothing and footwear by 5.1%. In 'transport fuel prices fell by 1.2%.

The increase in the price level was due to increases in prices of recreation and culture, where prices increased seasonal package holidays by 12.5%. Price growth in health care resulted in an increase in prices of drugs and their arrears by 2.0%. The food prices increased, mainly citrus fruit by 13.0%, bananas by 5.1%, apples by 7.6%, non-chocolate confectionery by 5.4%.

Prices of goods dropped by 0.7% and prices of services rose by 0.8%.

Consumer prices rose in July by 3.1%, which is 0.4 percentage points less than in June. Caused a slowdown in price growth, prices of food and soft drinks, where prices of vegetables slowed to 7.3% (from 18.5% in June), of which potato prices were up only 0.2% (in June of 15 , 5%) and prices of vegetables grown by 26.3% (in June by 88.8%).In the section of transport affecting the growth slowdown in fuel prices, which were higher by 3.1%, while in June by 4.2%.

The biggest influence on the overall annual growth in consumer prices in July were still in housing prices, water, electricity, fuel and reduce their influence over the prices of 'food and soft drinks. In housing, the higher gas prices by 14.0%, electricity by 4.2%, water 12.0%, 10.5% of sewage, heat and hot water by 8.6%. Net rents increased by 5.2%, of which 11.6% of the regulated market and by 2.4%.

The reduction of the price growth came mainly from prices in clothing and footwear, where prices of clothing dropped by 3.9% and footwear by 0.9%.The decline in prices of Furnishings and household equipment were mainly lower prices of instruments and household appliances by 5.7%, glass, porcelain and ceramic tableware by 4.6%, instruments and supplies for home and garden by 7.1%. In recreation and culture continued decline in prices of audiovisual and photographic equipment and data processing equipment by 7.4%, which increased slightly in July. The 'communications were down, prices of mobile phones by 7.5%.

Prices of goods went up by 3.2% and prices of services by 3.0%. Overall consumer price index excluding imputed rent was up 103.3%.

Inflation rate as an increase in average consumer price index for last 12 months and previous 12 months was 2.9% in July.

The average increaseHarmonised Index of Consumer Prices (HICP) 1) 27 EU member states was based on preliminary data of Eurostat in June as in May 2.6%. The highest annual rates in Hungary (5.6%) and lowest in Sweden (0.9%). In Germany, price growth decelerated to 2.0% from 2.2% in May. The Slovak price growth accelerated to 3.7% (from 3.4% in May). According to preliminary calculations, dropped in July 2012 the HICP in the Republic grew by 0.2% yoy 3.3% (in June by 3.8%). Flash estimate, annual HICP for changes Eurozone in July 2012 is 2.4%, as Eurostat. (More information on the website of Eurostat: HICP ).

Source: CSO
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