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Czech Republic Inflation March 2024

Czech Republic: Inflation falls to over five-year low in March

Inflation was stable at February’s 2.0% in March. March’s figure represented the weakest inflation rate since April 2018. Looking at the details of the release, the change in prices for housing and utilities was largely steady in March. Prices for food and non-alcoholic beverages rose at a broadly steady pace compared to the previous month’s reading. Moreover, prices for recreation and culture grew at a more subdued pace.

The trend pointed down, with annual average inflation coming in at 7.1% in March (February: 8.2%).

Finally, consumer prices increased 0.13% from the previous month in March, below the 0.27% increase recorded in February.

Commenting on the release, ING’s Frantisek Taborsky stated:

“March inflation data confirms that inflationary pressures are slowing further in the Czech Republic. However, core inflation may not be slowing as we would have expected. In turn, this will lead the CNB to continue with cautious rate cuts, even though we expect inflation to fall further below the central bank’s target over the coming months”

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