Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  October 09, 2012 09:10:42

Czech Republic - Inflation in September fell by 0.1% m / m, y but growth accelerated to 3.4%

Consumer prices fell in September compared with August by 0.1%. This development affected the reduction of prices in recreation and culture, which has been largely eliminated by an increase in prices of transport, clothing and footwear. Annual consumer price inflation accelerated to 3.4% (from 3.3% in August).

Monthly decrease Consumer prices in 'recreation and culture', as in past years, mainly by the decrease in prices of package holidays by 13.2% due to the end of summer season. In 'communications mobile phones prices fell by 1.3% and prices of telecommunication services by 0.5%. In food, prices dropped eggs and cheese, both by 1.3%, 1.5% yogurt, butter by 5.6%.

Opposite effect on the overall level of consumer prices was the increase in prices of transport, where fuel prices rose by 2.6% mom. Average monthly prices of gasoline 95 octane (38.23 CZK / liter) and diesel (37.20 CZK / l) in September reached its historic high. The increase in the price level was affected by the increase in prices of clothing and footwear 2.2% to 2.7%. Prices of food and non-alcoholic beverages increased mainly meat prices by 1.9%, the price of pork by 4.1%. Flour prices were higher by 3.0% and fruit by 0.6%. In connection with the commencement of the new school year increased fees in kindergartens by 2.4%, in day-care centers by 5.1%, by art schools by 1.8% and for the teaching of foreign languages ??2.0%. Similarly, in 'restaurants and hotels' prices in canteens by 1.6% and accommodation in boarding schools by 1.0%.

Prices of goods in total increased by 0.4%, prices of services decreased by 0.7%.

Year on year increase in consumer prices in September by 3.4%, which is 0.1 percentage points higher than in August. Acceleration of price growth mainly due to prices in transport due to the increase in fuel prices by 9.6% from 6.5% in August.

The yoy growth in the overall level of consumer prices in September 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 increased by 4.5%, with 10.9% of regulated and market prices by 1.6%. In food, meat prices rose by 9.8%, with 13.9% of the pork and beef by 12.9%.Prices of eggs increased by 45.7%, 12.5% ??yoghurts, fruit by 14.1%, vegetables by 13.9%, 16.0% cocoa.

The reduction in the price growth came from 'clothing and footwear, where prices of clothing fell by 4.5% and footwear by 3.3%. The decline in prices of housing and household equipment were mainly lower prices of instruments and household appliances by 5.6%, tools and equipment for house and garden by 5.9%. In 'communications', prices of mobile phones by 9.4%.

Prices of goods in total increased by 3.8% and services by 3.0%. Overall consumer price index excluding imputed rent was up 103.6%.

Inflation rate, an increase in the average consumer price index for last 12 months and previous 12 months was 3.2% in September.

Average increaseHarmonised Index of Consumer Prices (HICP) 1) 27 EU member states, according to preliminary data of Eurostat 2.7% in August, which is 0.2 percentage points higher than in July. The highest annual rates in Hungary (6.0%) and lowest in Sweden (+0.9%). In Germany, the price growth accelerated to 2.2% from 1.9% in July. The Slovak prices rose in August as in July by 3.8%. According to preliminary calculations, in September 2012, the HICP in the Czech Republic decreased by 0.1% and rose (by 3.5% in August to 3.4%). Flash estimate, annual HICP for changes Eurozone in September 2012 is 2.7%, as Eurostat. (For more information on the Eurostat website: HICP ).

Source: CSO
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