11th August 2014

Prices in the Czech Republic began to grow

In July according to the Czech Statistical Office the Czech inflation grew from the net 0 to 0.2 % compared to prices in June. In year on year comparison the number was even higher and climbed up to 0.5 %. The prices of alcohol with 2.5 % growth and of tobacco products were the main contributors to the inflation rate. Also the prices of seasonal foreign holidays grew significantly by 12.6 % reacting on the exchange rate interventions of the Czech National Bank. The inflation rate with 0.5 % exceeded the previous expectations that were around 0.3 %. According to the ČSOB analyst Petr Dufek the inflation goal was still far. Also another economist Patrik Rožumberský reckons that the inflation would grow only slowly and would probably be only of 0.4 % for the 2014 which would be the least since 2003. Also the sanctions from Russia concerning food threaten to lower process and impede the inflation.

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Members of the American Chamber of Commerce in the Czech Republic