Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  September 10, 2012 10:03:41

Czech Republic - Inflation in August fell by 0.1% m / m, y but growth accelerated to 3.3%

Consumer prices fell in August compared with July by 0.1%. This development was mainly influenced by lower prices of food and non-alcoholic beverages, clothing and shoes, post and telecommunications, which was partially eliminated by increasing prices in transport. Annual consumer price inflation accelerated to 3.3% (from 3.1% in July).

Mom reduction consumer prices of food and non-alcoholic beverages were mainly lower prices of vegetables by 9.0%, the prices of potatoes were down by 28.4%. Fruit prices decreased by 3.1% due to lower prices of stone fruit and berries by 22.5%. Prices of bread, rice and eggs were lower by 2.2 to 2.6%. The clothing and footwear prices fell by 0.4%, clothing and footwear by 2.5%. In 'communications mobile phones prices fell by 0.8% and prices of telecommunication services by 0.7%.

Opposite effect on the overall level of consumer prices was the increase in prices of transport, where fuel prices rose in August by 3.3% mom. It was the biggest monthly rise in prices of fuel since December 2010 and their prices after three months of decline returned almost to the level of May. In food, prices of flour rose by 7.3%, 3.2% yogurt, vegetable fats by 2.8%, tea by 2.9%.

Prices of goods in total decreased by 0.2%, prices of services remained unchanged.

Year on year increase in consumer prices in August by 3.3%, which is 0.2 percentage points higher than in July. Acceleration of price growth mainly due to prices in transport due to the increase in fuel prices by 6.5% from 3.1% in July.

The yoy growth in the overall level of consumer prices in August were in prices of housing, water, electricity, fuel and prices of food and non-alcoholic drinks. In housing were higher gas prices by 14.0%, electricity by 4.2%, water 12.0%, 10.5% sewage, heat and hot water by 8.6%. Net rents rose by 4.4%, with 10.6% of regulated and market prices by 1.6%. In food, meat prices rose by 7.9%, eggs by 62.3%, 13.1%, yoghurts, fruit by 13.6%, vegetables by 14.4% and non-alcoholic beverages by 7.6%.

The reduction in the price growth came from 'clothing and footwear, where prices of clothing fell by 5.0% and footwear by 2.5%. The decline in prices of housing and household equipment were mainly lower prices of instruments and household appliances by 5.8%, tools and equipment for house and garden by 5.6%.In 'recreation and culture', a fall in prices of audiovisual, photographic and information processing equipment by 7.2%. In 'communications', prices of mobile phones by 7.1%.
Prices of goods increased by 3.5% and services by 2.9%. Overall consumer price index excluding imputed rent was up 103.5%.

Inflation rate, an increase in the average consumer price index for last 12 months and previous 12 months was 3.1% in August.

Average increase in the harmonized index of consumer prices (HICP) 1) 27 EU member states, according to preliminary data of Eurostat in July as in June 2.5%. The highest annual rates in Hungary (5.7%) and lowest in Sweden (0.7%). In Germany, the price growth decelerated to 1.9% from 2.0% in June. The Slovak price growth accelerated to 3.8% (from 3.7% in June). According to preliminary calculations, the HICP in August 2012 in the Czech Republic mom changed and grew by 3.4% (in July by 3.3%). Flash estimate, annual HICP for changes Eurozone in August 2012 is 2.6%, as Eurostat. (For more information on the Eurostat website: HICP ).

Source: CSO
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ČR - inflace v srpnu poklesla o 0,1% m/m, meziročně ale zrychlila růst na 3,3%

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