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Czech Republic Inflation

Czech Republic Inflation

Inflation in Czech Republic

Consumer price inflation in the Czech Republic averaged 3.2% in the ten years to 2022, below the Eastern Europe regional average of 7.7%. The 2022 average figure was 15.1%. For more inflation information, visit our dedicated page.

Czech Republic Inflation Chart

Note: This chart displays Inflation (CPI, ann. var. %, aop) for Czech Republic from 2014 to 2023.
Source: Czech Statistical Office.

Czech Republic Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 2.1 2.8 3.2 3.8 15.1
Inflation (CPI, ann. var. %, eop) 2.0 3.2 2.3 6.6 15.8
Inflation (HICP, ann. var. %, aop) 2.0 2.6 3.3 3.3 14.8
Inflation (PPI, ann. var. %, aop) 2.0 2.6 0.1 7.1 24.3

Inflation drops to lowest level since February 2021 in January

Inflation came in at 2.3% in January, which was down from December’s 6.9%. January's result represented the weakest inflation rate since February 2021. Looking at the details of the release, prices for housing and utilities rose at a softer clip, while price for food and non-alcoholic beverages dropped at the sharpest pace since November 2009. In addition, the trend pointed down, with annual average inflation coming in at 9.4% in January (December: 10.7%). Finally, consumer prices increased 1.49% in January over the previous month, swinging from December's 0.40% drop. January's uptick was the highest reading since January 2023.

Commenting on the release, ING’s Frantisek Taborsky stated: “Inflation surprised to the downside in January, a win for the Czech central bank given the seasonal volatility we see at the start of the year. The focus now shifts to core inflation, which remains above target, and weak FX may threaten further CNB rate cuts. However, today’s numbers pave the way for 75 basis points of rate cuts at the next meeting.”

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 31 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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