Czech Republic Inflation January 2021

Czech Republic

Czech Republic: Inflation at over two-year low in January

February 12, 2021

Consumer prices soared 1.34% from the previous month in January, contrasting December’s 0.18% dip and marking the strongest increase in 12 months. Looking at the details of the release, January’s result mainly reflected higher prices for food and non-alcoholic beverages as well as for alcoholic beverages and tobacco.

Meanwhile, inflation decreased to 2.2% in January (December: 2.3%), therefore moving closer to the midpoint of the Central Bank’s 1.0%–3.0% tolerance range and marking the lowest reading since December 2018. Lastly, annual average inflation moderated to 3.0% from December’s 3.2%.

FocusEconomics Consensus Forecast panelists forecast that inflation will average 2.1% in 2021, which is unchanged from last month’s Consensus, and 2.1% again in 2022.


Author: Massimo Bassetti, Senior Economist

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Czech Republic Inflation Chart


Czech Republic Inflation January 2021

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


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