Czech Republic Inflation June 2017

Czech Republic

Czech Republic: Inflation dips in June

July 12, 2017

In June, consumer prices were unchanged compared to the previous month, down from May’s 0.2% increase. According to the Czech Statistical Office, the print mainly reflected higher prices for recreation and culture—especially package holidays—and food and non-alcoholic beverages, which were offset by lower prices for clothing and footwear and transport—with automotive fuel prices dropping for the fourth consecutive month.

Inflation dipped in June to 2.3% from May’s 2.4%. Consequently, inflation remained above the center of the Czech National Bank’s (CNB) target range of 1.0% to 3.0%. Annual average inflation in June was 1.7%, up from May’s 1.5%.

The CNB expects average inflation of 2.5% for 2017 and 2.0% for 2018. FocusEconomics Consensus Forecast panelists project that inflation will average 2.3% in 2017, which is unchanged from last month’s Consensus. For 2018, panelists expect inflation of 2.0%.

Author: Massimo Bassetti, Economist

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