Inflation In The Czech Republic Reaches 25-Year High
Inflation in the Czech Republic reached 12.7% y-o-y in March, the highest level since 1998. The steepest price rises are reported in energy and fuel, but virtually all items in the consumer basket have risen. Photo credit: TMA / Brno Daily
Czech Republic, April 11 (BD) -“Consumer prices increased by 12.7% compared to March last year,” said Pavla Šedivá, Head of the Czech Statistical Office’s Consumer Price Statistics Department. “We recorded the most significant acceleration in price growth for fuels, which were 50% more expensive in March than a year ago. For example, Natural 95 was sold at petrol stations for an average of about CZK 44.50 per litre and diesel for CZK 47 per litre.”
The prices of goods in total increased by 14.3% and prices of services by 10.4%, according to the Czech Statistical Office.
The rise in prices is driven by economic volatility related to the pandemic, but has been aggravated by the energy crisis, the impact of which was exacerbated by Russia’s invasion of Ukraine.