Financial News: Czech Inflation Eases To 12.7%, Lowest In 13

Czech Inflation Eases To 12.7%, Lowest In 13 Months

05/11/2023 - 04:15:00 (RTTNews)

(RTTNews) - The Czech Republic's consumer price inflation eased further in April to the lowest level in just over a year, largely due to a slowdown in the price growth of food items, though it still remained strong overall, data from the Czech Statistical Office showed on Thursday.

Consumer prices climbed 12.7 percent year-over-year in April, slower than the 15.0 percent rise in March. Economists had expected inflation to ease to 13.3 percent.

Further, this was the lowest inflation rate since March 2022, when prices had risen the same 12.7 percent.

The overall strong inflation in April was largely driven by a 17.6 percent surge in utility costs, but the pace of growth has slowed from 20.1 percent in March.

Prices for food and non-alcoholic beverages grew 17.3 percent yearly in April versus a 23.5 percent spike a month ago, and those of restaurants and hotels advanced 17.5 percent.

Meanwhile, transport costs dropped further by 1.7 percent in April amid a sharp fall in fuel prices.

On a monthly basis, consumer prices edged down 0.2 percent, while they were expected to rise by 0.4 percent.

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