Czech Republic Inflation

Czech Republic

Czech Republic: Inflation rises to seven-month high in July

August 11, 2014

In July, consumer prices rose 0.2% over the previous month, which was up from the flat reading registered in June. According to the Czech Statistical Office, higher prices for recreation and culture as well as for housing, water, electricity, gas and other fuels were the main drivers behind the monthly increase.

As a result of the monthly increase, annual headline inflation rose from zero in June to 0.5% in July, which marked the highest inflation rate since December 2013. The reading overshot the 0.3% increase the market had expected. Inflation, nonetheless, is well below the Czech National Bank’s (CNB) target range of 1.0% to 3.0%.

The CNB sees inflation ending 2014 at 0.9%. For 2015, the Bank expects inflation to rise to 2.0%. FocusEconomics Consensus Forecast panelists project that inflation will reach 1.4% by the end of 2014, which is down 0.2 percentage points from last month’s Consensus. For 2015, panelists expect inflation to rise to 2.0%.


Author:, Senior Economist

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Czech Republic Inflation Chart


Czech Republic Inflation July 2014

Note: Month-on-month changes and annual variation of consumer price index (CPI) in %.
Source: Czech National Statistics Office (CSO).


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