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 increases in May
Latest reading: Inflation rose to 2.4% in May from April’s 1.8%, overshooting the midpoint of the Central Bank’s 1.0–3.0% target. The uptick was largely driven by rising prices for housing and utilities. In addition, price pressures for food and non-alcoholic beverages rose at a stronger rate, and transportation prices declined at a steeper pace. Meanwhile, the trend remained unchanged, with annual average inflation coming in at April's 2.5% in May. Lastly, consumer prices rose 0.52% over the previous month in May, swinging from April's 0.13% fall. May's result was the highest reading since January.
Panelist insight: Commenting on the outlook, ING’s David Havrlant and Frantisek Taborsky stated: “We foresee faster price growth in almost all components of the consumer basket, whether it be fuel and food prices on the one hand, or services prices and imputed rents on the other, implying more potent core inflation. The labour market remains tight, wage growth lofty, and real retail sales are flying high.”
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 33 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.
Latest Global Inflation News
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