Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  February 11, 2013 09:32:56

Czech Republic - January VAT increase inflation, yoy, but prices fell

Consumer prices rose in January compared with December of 1.3%. This growth resulted from the increase in VAT from January 2013 and partially increase of prices in housing and food and soft drinks. Annual consumer price inflation slowed in January to 1.9% from 2.4% in December 2012.

A monthly consumer price growth came primarily from a basic and reduced VAT rate by 1 percentage point, which caused an increase in prices in most sections of the consumer basket. The impact of higher VAT on the total monthly increase in the CPI in January was, according to preliminary calculations, CSO increase of 0.8 percentage points. In housing increased net rents in rented dwellings by 0.9%, 6.6% water, sewerage by 6.9%. Electricity prices were higher by 3.3%, natural gas by 2.0% and heat and hot water by 3.6%.Prices of food and non-alcoholic beverages prices rose most kinds of food, of which the most vegetables by 8.3%, fruit by 6.2%, rolls and baguettes by 2.8%, eggs by 6.8%, milk by 3.9 %, yoghurts by 3.6%. In alcoholic drinks and tobacco prices rose by 5.4%, spirits, wine by 0.9%, beer by 1.7%. In transport, fuel prices increased by 0.5%. In 'communications, prices of telecommunication services by 1.2%.

A reduction in the price level came from prices of clothing and footwear 3.9% -4.9%. Due to special discounts and prices dropped tools, instruments and various equipment for house and garden 11.1%.

Prices of goods in total increased by 1.3% and services by 1.5%.

Year-on-consumer prices rose in January by 1.9%, which is 0.5 percentage points less than in December. The reason for this development was significant monthly price growth (1.8%) in January 2012 than in January 2013. The slowdown occurred in most sections of the consumer basket. This was the case especially in housing prices, which slowed down the net rent price to 2.4% (from 4.3% in December), water to 6.9% (from 12.0% in December), at 7 sewage 6% (from 10.7% in December), natural gas to 2.1% (from 4.3% in December), electricity 3.3% (from 4.2% in December), heat and hot water to 5.3% (from 8.4% in December). In 'health reduced drug prices and fees paid to 4.8% (from 10.5% in December). In 'restaurants and hotels' price growth slowed mainly in canteens to 3.1% (from 5.2% in December).In 'transport', in January to an annual decline in prices mainly due to fuel prices, which were lower by 1.0%. Prices of transport services increased by 2.1% (in December by 5.8%).

Decisive influence on the total amount of annual consumer price level, which was strengthened in January, had prices of food and non-alcoholic beverages, despite the slowdown in their growth and prices in housing. Prices of food and non-alcoholic beverages prices rose by 16.5% flour, meat by 6.8%, fish by 12.6%, eggs by 29.2%, fruit by 7.0%, vegetables by 21.3%, of which prices of potatoes by 45.5%.

The reduction in the price growth came from 'clothing and footwear, where prices of clothing and footwear decreased both by 2.6%. In 'communications', prices of telecommunication services by 4.4% and prices of mobile phones by 13.9%. The decline in prices of housing and household equipment were mainly lower prices of instruments and household appliances by 4.9%.

Prices of goods increased by 2.0% and services by 1.7%. Overall consumer price index excluding imputed rent was up 102.0%.

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

Average increase in the harmonized index of consumer prices (HICP) 1) 27 EU member states, according to preliminary data of Eurostat in December 2.3%, which is 0.1 percentage points less than in November. The highest annual rates in Hungary (5.1%) and the lowest in Greece (0.3%). In Germany, the price growth accelerated in December to 2.0% from 1.9% in November.The Slovak Republic in December to slowdown to 3.4% from 3.5% in November. According to preliminary calculations, the increase in January 2013 HICP Czech mom and 1.2% yoy and 1.8% (2.4% in December). Flash estimate, annual HICP for changes Eurozone in January 2013 was 2.0%, as Eurostat. (For more information on the Eurostat website: HICP ).

Source: CSO
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