Butter slides to record price

The days of dairy surpluses are over, but other prices have dropped

Prices for butter have been rising and are now at record levels. Butter is 42.6 percent more expensive than it was last year, and on average is Kč 47 for a 250 grams.

This stands out against consumer prices in general which were unchanged, according to the Czech Statistical Office (ČSÚ).

“Consumer prices in June remained unchanged compared with May. The growth of prices in recreation and culture and food and non-alcoholic beverages was offset by a reduction in prices in transport and also in clothing and footwear,” the ČSÚ said.

“The month-on-month rise in consumer prices in recreation and culture came from higher prices of package holidays by 4.1 percent. In food and non-alcoholic beverages, prices of yogurts went primarily up by 6.1 percent, milk by 2.8 percent and meat by 0.6 percent. The price of fresh butter went up by 12.0 percent and reached its highest value ever (Kč 187.47 per kilogram),” the report added.

Year-on-year inflation declined by one tenth of a percentage point to 2.3 percent in June.

ČSOB analyst Petr Dufek said that the times are gone when there was a butter surplus due to Russian sanctions. “Currently, butter has become almost a luxury food, which, along with other dairy products, controls Czech inflation,” he said, according to daily Pražský deník.

The drop in automotive fuel prices continued for the fourth month in June. The average price of unleaded petrol 95 in June was the lowest since December 2016. The price of diesel was the lowest since November 2016.

In clothing and footwear, prices of garments went down by 1.7 percent and prices of shoes and other footwear by 0.8 percent.

Prices of goods in total went down by 0.2 percent, while prices of services rose by 0.4 percent compared to the previous month.

In terms of the year-on-year comparison, prices of bread and cereals were higher by 5.8 percent, eggs by 23.6 percent, milk by 10.4 percent, cheese by 15.9 percent, yogurts by 13.5 percent, fresh butter by 42.6 percent and sugar by 21.2 percent.

The biggest influence on the growth of the year-on-year price level in June came from prices in food and non-alcoholic beverages, up by 5.4 percent. Next were prices in housing, water, electricity, gas and other fuels, where prices of the net actual rentals rose by 2.6 percent, water supply by 1.2 percent, sewage collection by 0.4 percent, electricity by 0.3 percent, solid fuels by 5.0 percent, according to the ČSÚ.

Prices for restaurants and hotels also rose, with prices of catering services up 6.4 percent and prices of accommodation services by 2.6 percent. In transport, prices rose by 2.2 percent on the year.

Prices dropped in communication, where prices of mobile phones fell 14.1 percent. In housing, water, electricity, gas and other fuels, prices of heat and hot water and prices of natural gas were lower. Prices of goods in total went up by 2.0 percent and prices of services by 3.1 percent on the year.

The inflation rate, meaning the increase in the average consumer price index in the 12 months to June 2017 compared with the average CPI in the previous 12 months, amounted to 1.7 percent in June, the ČSÚ stated.

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