Czech Inflation Accelerates Unexpectedly In September

czech-inflation-accelerates-unexpectedly-in-september

The Czech Republic’s consumer price inflation accelerated unexpectedly to a new high in September amid rising energy and fuel prices, data from the Czech Statistical Office showed on Tuesday.

Consumer prices climbed 18.0 percent year-over-year in September, following a 17.2 percent rise in August. Economists had expected inflation to remain stable at 17.2 percent.

The acceleration in inflation was largely driven by a 24.9 percent surge in utility costs, especially energy and fuel prices, which were almost 50 percent higher compared to last year.

The Czech National Bank expects inflation to rise in the coming few months, due mainly to gas and electricity prices.

Inflation was forecast to reach around 20 percent in the months from September and average 16.5 percent for this year as a whole. The central bank projected a decline in inflation to around 2 percent in a year and a half.

Prices for food and non-alcoholic beverages also grew sharply by 21.0 percent annually in September, and clothing and footwear rose 18.7 percent.

Transport costs were 17.3 percent more expensive from last year, and charges for restaurants and hotels were 25.3 percent higher.

On a monthly basis, consumer prices moved up 0.8 percent in September versus an expected increase of 0.2 percent.

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