Czech Republic Inflation

Czech Republic

Czech Republic: Inflation continues to rise in May

June 9, 2015

In May, consumer prices rose 0.3% over the previous month, matching April’s result. According to the Czech Statistical Office, May’s surge mainly reflects higher prices for transport, food and non-alcoholic beverages as well as alcoholic beverages and tobacco.

In May, headline inflation increased from April’s 0.5% to 0.7%, the highest reading in seven months. The result overshot the 0.5% rise that the market had expected. Nevertheless, inflation remains below the Czech National Bank’s (CNB) target range of 1.0% to 3.0%.

The CNB expects that consumer prices will rise 0.1% on average in 2015. For 2016, the CNB sees average inflation of 1.7%. FocusEconomics Consensus Forecast panelists project that inflation will reach 0.5% by the end of 2015, which is up 0.1 percentage points from last month’s Consensus. For 2016, panelists expect inflation to rise to 1.6%.

Author: Teresa Kersting, Economist

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Czech Republic Inflation Chart

Czech Republic Inflation May 2015

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

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