Financial News: Czech Inflation Rises To 1-Year High, Retail Sales

Czech Inflation Rises To 1-Year High, Retail Sales Growth Eases

(RTTNews) - The Czech Republic's consumer price inflation accelerated less than expected in December to the highest level in a year, while retail sales expanded at a slower pace, separate reports from the Czech Statistical Office showed on Monday.

Consumer prices climbed 3.0 percent year-over-year in December, slightly faster than November's 2.8 percent stable increase. Economists had expected inflation to rise to 3.3 percent.

Further, this was the strongest inflation rate since December 2023, when prices had risen 6.9 percent.

The annual price growth in food and non-alcoholic beverages quickened to 1.7 percent from 0.9 percent. Similarly, transport costs grew at a faster pace of 1.4 versus only a 0.1 percent increase in November. Meanwhile, the growth in utility costs eased to 3.9 percent from 4.3 percent.

The average annual inflation for the year 2024 was 2.4 percent, the agency said.

On a monthly basis, consumer prices dropped 0.7 percent, while prices were expected to increase by 0.1 percent.

Retail sales rose 4.3 percent annually in December, slower than the 5.1 percent growth in November.

Sales of food products logged a weaker growth of 0.4 percent from last year compared to a 2.1 percent gain a month ago. Non-food product sales grew at a stable rate of 5.5 percent, while retail sales of automotive fuel in specialized stores surged by 10.8 percent.

Data from the Czech National Bank showed that the current account surplus of the country rose notably to CZK 30.0 billion in November from CZK 12.99 billion in October. An increase in goods trade surplus along with a narrowing in primary income deficit was mainly responsible for this favorable outcome.

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