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Czech inflation increases in January

The Czech Republic’s inflation accelerated in January, according to data from the Czech Statistical Office (CZSO). 

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The consumer price index (CPI) rose 3.6% year-on-year in January, following a 3.2% increase in December. The latest inflation was the highest since March 2012.

Prices for food and non-alcoholic beverages grew 6.3% annually in January and those of restaurants and hotels, and housing, water, energy and fuel grew by 5.3% and 4.6%, respectively. Meanwhile, prices in the post and telecommunication group declined by 4%.

On a monthly basis, consumer prices rose 1.5% in January. In its preliminary report, the Prague-based agency also said on Friday, that the country’s economic growth slowed sharply to 1.7% in the last quarter of 2019 after a 2.5% expansion in the prior quarter.

The latest pace of growth was the slowest since the first quarter of 2014, when the economy grew 1.6%. In the full year 2019, the economy grew 2.4%, supported by household consumption and exports. The Czech economy grew 2.8% in 2018.