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Financial News: Czech Inflation Highest In 3 Decades

Czech Inflation Highest In 3 Decades

05/10/2022 - 09:28:00 (RTTNews)

(RTTNews) - Czech consumer price inflation accelerated at a faster-than-expected pace in April to reach its highest level in last three decades, led by rising prices for housing, fuels and food, data from the Czech Statistical Office showed on Tuesday.

Consumer prices surged 14.2 percent year-on-year in April, following a 12.7 percent rise in March. That was also above the expected rate of 13.2 percent.

The latest inflation was the most in last three decades, when in December 1993 the yearly price growth reached 18.2 percent, Pavla Sediva, head of consumer price statistics unit of CZSO, said.

The recent upward trend in inflation was mainly led by a 20.0 percent jump in prices of housing, water, energy and fuel. Transport costs alone grew 21.5 percent yearly in April and prices for food and non-alcoholic beverages climbed 10.7 percent.

Prices of goods in total and services rose 15.3 percent and 12.1 percent, respectively, in April as compared to same month last year.

On a monthly basis, consumer prices increased 1.8 percent in April, which was double the economists' forecast for an increase of 0.9 percent.

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