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Financial News: Czech Inflation Accelerates More Than Expected

Czech Inflation Accelerates More Than Expected

07/13/2022 - 06:07:00 (RTTNews)

(RTTNews) - Czech consumer price inflation rose more than expected in June, data from the Czech Statistical Office showed on Wednesday.

Consumer prices advanced 17.2 percent year-over-year in June, following a 16.0 percent rise in May. Economists had expected inflation to increase to 17.0 percent.

"This acceleration was again the most influenced by prices of food, which increased by 18 percent in June, year-on-year," Jiri Mrazek, director of Price Statistics Department of CZSO, said.

Transport costs grew the most by 24.0 percent in June yearly in June and prices for restaurants and hotels surged 23.1 percent.

Prices for housing, water, energy and fuels increased 22.8 percent and those of clothing and footwear gained 19.9 percent.

Prices for food and non-alcoholic beverages, and recreation and culture rose by 18.0 percent and 12.6 percent, respectively.

On a monthly basis, consumer prices increased 1.6 percent in June. Economists had forecast an increase of 1.5 percent.

The statistical office attributed the monthly increase mainly to higher prices in 'housing, water, electricity, gas and other fuels' and 'food and non-alcoholic beverages' categories.

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