Financial News: Czech Producer Price Inflation Eases To 16%, Lowest

Czech Producer Price Inflation Eases To 16%, Lowest In 14 Months

03/15/2023 - 06:54:00 (RTTNews)

(RTTNews) - The Czech Republic's industrial producer prices increased at the slowest pace in more than a year in February, though they remained strong overall, figures from the Czech Statistical Office showed on Wednesday.

The industrial producer price index climbed 16.0 percent year-on-year in February, slower than the 19.0 percent growth in January. Economists had expected inflation to moderate to 16.9 percent.

Further, this was the weakest rate of increase since November 2021, when prices had grown 13.2 percent. However, inflation has remained in double digits since October 2021.

The annual price growth in the electricity, gas, steam, and air conditioning segments slowed to 28.5 percent in February from 35.7 percent in the prior month.

Among the main industrial groupings, prices in the energy sector grew by 25.7 percent and those for non-durable consumer goods by 21.2 percent.

Excluding energy, industrial producer price inflation eased to 12.4 percent in February from 13.3 percent in October.

On a monthly basis, producer prices dropped 0.3 percent in February. Economists had expected the price to grow 0.4 percent.

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