Czech Republic Inflation August 2021

Czech Republic

Czech Republic: Inflation jumps to over 12-year high in August

September 10, 2021

Consumer prices rose 0.69% from the previous month in August, following July’s 1.04% rise, which had marked the steepest increase in 18 months. Looking at the details of the release, August’s result mainly reflected soaring prices for recreation and culture as well as higher prices for transport and utilities.

Meanwhile, inflation jumped to 4.1% in August from July’s 3.4%, and thus marked the highest reading since November 2008 and moved further above the higher bound of the Central Bank’s 1.0%–3.0% tolerance range. Lastly, annual average inflation was stable at July’s 2.8% in August.

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 August 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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