Czech average inflation rate stood at 3.2% in 2020

by   CIJ News iDesk III
2021-01-13   09:32

Consumer prices in December decreased by 0.2% compared with November. This development came primarily from price decline in 'food and non-alcoholic beverages'. The year-on-year growth of consumer prices amounted to 2.3% in December, which was 0.4 percentage points down on November. It was the lowest year-on-year price growth since December 2018. The average inflation rate for 2020 as a whole was 3.2%.

Month-on-month comparison:
Price decrease in 'food and non-alcoholic beverages' came mainly from lower prices of vegetables by 9.4%. Prices of yoghurts went down by 5.8%, pork by 1.3%, eggs by 3.5%, cheese and curd by 0.8%. In 'clothing and footwear', prices of garments were lower by 1.8%.

Month-on-month increase in the overall consumer price level in December came from price rise in 'alcoholic beverages, tobacco’, where prices of tobacco products were higher by 1.5% and spirits by 0.9%. In 'transport', prices of automotive fuels and lubricants increased by 0.9%. In food, mainly prices of potatoes were higher by 5.0% and UHT semi-skimmed milk by 2.5%.

Prices of goods in total went down by 0.4%, whereas prices of services went up by 0.2%.

Year-on-year comparison:
Consumer prices increased by 2.3% in December, i.e. 0.4 percentage points down on November. This slowdown in the year-on-year price growth came mainly from prices in 'food and non-alcoholic beverages'. Prices of vegetables turned from growth by 6.8% in November into decline by 7.2% in December, prices of pork were lower by 6.8% (decrease by 2.6% in November), eggs by 5.2% (decrease by 1.2% in November), sugar by 1.8% (decrease by 0.6% in November). In 'clothing and footwear’, prise rise of garments slowed down to 2.4% (4.3% in November). Deceleration of year-on-year price rise occurred in 'housing, water, electricity, gas and other fuels', due to prices of electricity, which were higher by 2.5% in December (3.3% in November). In 'alcoholic beverages and tobacco' price rise of spirits accelerated to 5.4% (3.3% in November) and tobacco products to 16.4% (14.8% in November).

The biggest influence on the growth of the year-on-year price level in December came, as before, from prices in 'alcoholic beverages and tobacco' (increase by 10.7%). Next in order of influence were prices in 'housing, water, electricity, gas and other fuels’, where prices of actual rentals were higher by 2.0%, water supply by 1.7%, sewage collection by 1.5%. Prices of natural gas were lower by 3.9%, year-on-year. In 'restaurants and hotels', prices of catering services increased by 4.7%. A reduction in the overall price level in December came from prices in 'food and non-alcoholic beverages' (decrease by 0.1%) and 'communications' (decrease by 1.2%).

Prices of goods in total and services went up (2.0% and 2.8%, respectively). The overall consumer price index excluding imputed rentals for housing was 102.4%, year-on-year.

The average inflation rate as measured by the increase in the average consumer price index in the twelve months 2020 compared with the average CPI in the twelve months 2019 was 3.2%, i.e. 0.4 percentage points up on 2019. It was the highest average inflation rate since 2012. Prices of goods in total and prices of services rose identically by 3.2%