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Financial News: Czech Inflation Eases More Than Expected In October

Czech Inflation Eases More Than Expected In October

11/10/2022 - 07:50:00 (RTTNews)

(RTTNews) - The Czech Republic's consumer price inflation eased more-than-expected in October from a new high in September, as utility prices slowed amid government measures to ease them, data from the Czech Statistical Office showed on Thursday.

Consumer prices climbed 15.1 percent year-over-year in October, slower than the 18.0 percent rise in September. Economists had expected inflation to ease marginally to 17.9 percent.

Annual price growth in housing, water, energy, and fuel eased sharply to 11.1 percent in October from 24.9 percent in the previous month. Within this, electricity prices plunged 38.2 percent.

Government saving measures for households in the form of energy allowances largely affected October's price level, the agency said.

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 by the end of this year, and to average 15.8 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.

Data showed that inflation based on food and alcoholic beverages accelerated to 25.1 percent from 21.0 percent.

Transport charges were 16.6 percent more expensive compared to last year.

On a monthly basis, consumer prices dropped 1.4 percent in October versus an expected increase of 0.9 percent.

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