Czech Republic Inflation August 2017

Czech Republic

Czech Republic: Inflation remains unchanged in August, stays within the Czech National Bank's target range

September 11, 2017

In August, consumer prices decreased 0.1% from the previous month, contrasting July’s 0.5% increase. According to the Statistical Institute, the print mainly reflected decreases in the prices of food and non-alcoholic beverages—especially vegetables—miscellaneous goods and services, and clothing and footwear. These decreases more than outweighed the increase in prices for recreation and culture, which were supported by higher prices for package holidays.

Inflation remained steady in August at 2.5%, matching July’s print. Consequently, inflation remained above the midpoint of the Czech National Bank’s target range of 1.0%–3.0%. Annual average inflation in August was 2.0%, up from July’s 1.8% and the highest level since August 2013.

The CNB expects average inflation of 2.4% 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 2.1%.

Author:, Economist

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