Czech year-on-year consumer inflation accelerated significantly in November

The Czech Republic’s consumer price inflation on a year-on-year basis accelerated significantly in November. On a sequential basis, it rose 0.3 percent, the same as in October. The rise was mainly driven by an increase in prices of food and non-alcoholic beverages. The year-on-year rate rose to 1.5 percent, 0.7 percentage points rise from October’s year-on-year rate.

Sequentially, food and non-alcoholic beverages drove the price rises, which came from an increase in the dairy prices. Other food products also registered a rise in price. A decline in overall price level in November came mainly from decrease in price in communication because of lower prices of telephone and telefax services. Prices of goods in total rose 0.7 percent, whereas prices of services dropped 0.1 percent.

On a year-on-year basis, the consumer prices rose 1.5 percent in November. The rise was driven mainly by food and non-alcoholic beverages, where prices turned to a growth of 1.6 percent in November from a decline of 1.2 percent in October.

Prices of goods in total rose 1.5 percent, while prices of services increased 1.7 percent. The overall inflation index, including imputed rentals was 101.5 percent year-on-year. The rate of inflation in the twelve months to November 2016 as compared with the average CPI in the earlier 12 months reached 0.5 percent in November, according to Czech Statistical Office.