Czech Republic Inflation April 2021

Czech Republic

Czech Republic: Inflation jumps in April

May 12, 2021

Consumer prices soared 0.50% from the previous month in April, following march’s 0.18% increase. Looking at the details of the release, April’s result mainly reflected higher prices for transport, alcoholic beverages and tobacco and food and non-alcoholic beverages.

Meanwhile, inflation jumped to 3.1% in April from March’s 2.3%, marking the highest reading since September 2020 and piercing the higher bound of the Central Bank’s 1.0%–3.0% tolerance range. Lastly, annual average inflation was stable at March’s 2.8% in April.

Commenting on the release, Jakub Seidler, Czech Republic chief economist at ING, stated:

“While the CPI was driven higher by technical and supply factors, it is still above the central bank's tolerance band and likely increases the chances for an end-of-June hike, in our view. It is clear now that the CNB meeting in June or August will deliver the first CNB tightening.”

FocusEconomics Consensus Forecast panelists forecast that inflation will average 2.7% in 2021, which is unchanged from last month’s Consensus, and 2.4% in 2022.

Author: Massimo Bassetti, Senior Economist

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Czech Republic Inflation Chart

Czech Republic Inflation April 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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