Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
Inflation in Czech Republic
Consumer price inflation in Czech Republic averaged 4.0% in the ten years to 2024, in line with the Central & Eastern Europe regional average of 3.9%. The 2024 average figure was 2.4%. For more information on inflation, visit our dedicated page.
Czech Republic Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Czech Republic from 2024 to 2014.
Source: Macrobond.
Czech Republic Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.2 | 3.8 | 15.1 | 10.7 | 2.4 |
| Inflation (CPI, ann. var. %, eop) | 2.3 | 6.6 | 15.8 | 6.9 | 3.0 |
| Inflation (HICP, ann. var. %, aop) | 3.3 | 3.3 | 14.8 | 12.0 | 2.7 |
| Inflation (PPI, ann. var. %, aop) | 0.1 | 7.1 | 24.3 | 5.0 | 0.8 |
Inflation rises in June
Latest reading: Inflation rose to 2.9% in June from May’s 2.4%, marking the highest inflation rate since December 2024. Looking at the details of the release, prices for food plus housing and utilities, grew at a quicker pace. Moreover, transportation costs fell at a softer rate. Annual average inflation edged up to 2.6% in June (May: 2.5%). Lastly, consumer prices increased 0.26% in June over the previous month, coming in below May's 0.52% increase.
Panelist insight: Commenting on the outlook, ING’s David Havrlant stated: “We currently see a stable base rate at 3.5% as the base case scenario, with average annual inflation expected to reach 2.6% this year. However, given the continued economic rebound within a tight labour market, the overall risks are asymmetrically tilted toward higher inflation ahead, which might potentially require somewhat tighter monetary policy conditions to hold inflation in check.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Czech inflation projections for the next ten years from a panel of 35 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Czech inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Czech inflation projections.
Want to get access to the full dataset of Czech inflation forecasts? Send an email to info@focus-economics.com.
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