Czech Republic Inflation October 2022

Czech Republic

Czech Republic: Inflation plunges to lowest level since April in October

November 11, 2022

Inflation came in at 15.1% in October, which was down from September’s 18.0%. October's reading marked the weakest inflation rate since April. The decline was broad-based, with reduced price pressures recorded for housing and utilities, food and non-alcoholic beverages, and transportation.

The trend pointed up, with annual average inflation coming in at 13.5% in October (September: 12.7%).

Lastly, consumer prices dropped 1.44% in October over the previous month, contrasting the 0.80% rise seen in September.

Commenting on the short-term outlook for inflation, Frantisek Taborsky, analyst at ING, stated:

“For the coming months, we can expect inflation to be only slightly higher in YoY numbers, but January remains the big question. On the one hand, based on energy supplier announcements and other anecdotal reports, it seems that a massive new year's repricing upwards can be expected. On the other hand, the government's price cap comes into play, which unevenly affects households depending on their contract.”

FocusEconomics Consensus Forecast panelists forecast that inflation will average 8.8% in 2023, which is up 0.4 percentage points from last month’s Consensus, and 3.2% in 2024.


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Czech Republic Inflation Chart

Czech Republic Inflation October 2022

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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