Inflation: Basic Necessities and Consumer Goods Increase 15% Year-On-Year In The Czech Republic
Consumer prices increased by 1.8% in May 2022 from the previous month, according to the Czech Statistical Office (CZSO). The increase was mainly driven by higher prices for food, non-alcoholic beverages and housing utilities. On a year-on-year basis, consumer prices increased by 15.1% in May 2022. Photo credit: Freepik
Czech Republic, June 12 (BD) – The overall rise in prices follows persistent increases due to inflation. Prices rose mainly for meat by 5.0%, bread by 4.8%, fruit by 4.6%, semi-skimmed long-life milk by 10.9%, eggs by 12.6%, butter by 11.8%, cheese and curd by 2.4%, and potatoes by 12.0%. Vegetable prices fell by 2.7% compared to the previous month. Year-on-year, price rises of food and non-alcoholic beverages were particularly pronounced, rising by 15.1%. The price of flour rose exponentially by 64.6 %, meat increased 17.3%, semi-skimmed long-life milk by 42.1%, eggs by 33.8% and butter by 51.9%. Bread increased 25.4% and is set to rise further.
In utility bills over the past month, prices of natural gas rose by 3.4 %, electricity by 0.6%, solid fuels by 5.3% and goods and services for maintenance and restoration by 1.8%. The invasion of Ukraine by Russia, a key supplier of gas and raw materials, also affects this situation. On a year-on-year comparison, natural gas and solid fuel prices increased by 49.2% and 30.1% respectively. Compared to 2021, prices for renting a home increased by 4.7%, water expenses by 5.3%, electricity by 30.8%, and heat and hot water by 17.8%. The aggregate consumer price index, excluding the cost of owner-occupied housing, stood at 115.5%.
In the transportation sector, fuel and oil prices rose 3.3%. In one year, housing prices increased 22.8%, car prices increased 13.9% and fuel and oil prices increased 44.3%. Clothing and footwear prices increased by 22.9% and 16.8% respectively.
“Consumer prices accelerated significantly again, this time with an annual increase of 16%. They increased by 1.8% month-on-month, mainly due to higher food prices,” says Jiří Mrázek, Director of the CZSO’s Price Statistics Department.
According to preliminary calculations, the HICP (Consumer Price Index) in the Czech Republic increased by 1.9% month-on-month and 15.2% year-on-year in May 2022. According to Eurostat’s flash estimates, the year-on-year change in the HICP in May 2022 was 8.1% for the Eurozone: 11.8% for Slovakia and 8.7% for Germany. The highest value was recorded in Estonia in May with an increase of 20.1%.