Czech Republic Inflation

Czech Republic

Inflation rises in May

In May, consumer prices rose 0.1% over the previous month, which was up from the flat reading registered in April. According to the Czech Statistical Office, higher prices for alcoholic beverages and tobacco were the main drivers behind the monthly rise.

Annual headline inflation rose from 0.1% in April—the lowest level in four-and-a-half years—to 0.4% in May and thus reached the level last seen in December 2013. The reading was in line with market expectations. Nonetheless, inflation is still well below the Czech National Bank’s (CNB) target range of 1.0% to 3.0%.

The CNB sees inflation ending 2014 at 1.6%. For 2015, the Bank expects inflation to rise to 1.9%. FocusEconomics Consensus Forecast panelists project that inflation will reach 1.4% by the end of 2014, which is down 0.2 percentage points from last month’s Consensus. For 2015, panelists expect inflation to rise to 2.0%.

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Czech Republic Inflation Chart

Czech Republic Inflation May 2014

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Czech National Statistics Office (CSO).

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