Czech Statistical Office reports year-on-year increase in prices of consumer goods

Published: 22.08.2018 Related countries:  India India

The cost of living in the Czech Republic becomes more expenisve now, although the economy in the Czech Republic is one of the fastest growing in Europe now.

According to the latest data on inflation rates released by the Czech Statistical Office, consumer prices experienced a year-on-year hike of 2.3% in the second quarter of 2018. The overall consumer price level increased by 0.7% in the second quarter of 2018 compared to the first three months of the year.

A report published by the Czech Statistical Office on August 9 reveals the latest inflation rates in the Czech Republic. The data for the second quarter of 2018 shows a rise in consumer prices (Consumer Price Index) by 2.3% year-on-year (compared to the same period of the previous year). According to the report, the rise was mainly a result of price increases in the categories of “transport”, “alcoholic beverages and tobacco”, and “housing, water, electricity, gas and other fuels”. On the other hand, a slowdown in price rises was reported in the “food and non-alcoholic beverages” category.

Prices of rent and electricity showed particularly high jumps in price (1.0% and 0.8%, respectively), according to the report. For example, prices of fuels and lubricants for personal transport equipment went up by 4.8% and transport services by 0.8%. In the “clothing and footwear” category, prices of garments went up by 2.5% and prices of shoes and other footwear by 6.2%. The analysis also states that prices of “maintenance and repair of dwellings” rose as well.

A further increase in the inflation rate may result in Czech goods becoming less competitive in the international market, including competitiveness of Czech exporters in India. Although, not too many Czech products still can be found in Indian market.

This release was prepared by the team of CzechTrade – Mumbai office.

With using the source: Brno Daily (