Prices up 2.5 percent from last year

Butter and egg prices are up significantly while phones are getting cheaper

Consumer prices in August dropped by 0.1 percent compared with July. But compared to last August, consumer prices grew 2.5 percent, according to the Czech Statistical Office (ČSÚ).

The biggest influence on the year-on-year price growth in August came from food and non-alcoholic beverages. Butter led the way, rising 45.5 percent compared to last year. Eggs weren't far behind, up 33.9 percent. Meat prices rose 5.8 percent, milk 14.6 percent, and cheese 14.6 percent.

Next in influence were prices in housing, water, electricity, and gas and other fuels, where prices of net actual rentals rose by 2.5 percent, water supply by 1.2 percent, sewage collection by 0.4 percent and electricity by 0.3 percent.

Price levels also increased in restaurants and hotels, where prices of catering services rose 6.7 percent and prices of accommodation services rose 2.1 percent. Transport prices increased 2.7 percent compared to last year.

Lower prices year-on-year were in furnishings, household equipment and routine household maintenance, down 0.6 percent. Communication fell 1.4 percent. Prices of heat and hot water and prices of natural gas were lower by 2.3 percent and 0.8 percent, respectively.

Prices of goods in total went up by 2.1 percent and prices of services by 3.2 percent. The overall consumer price index (CPI) was 102.3 percent year-on-year, the ČSÚ said in a press release.

In transport, automotive fuel prices grew by 2.1 percent in August, compared to a 0.1 percent drop in July. A deeper price drop occurred in communication. Mobile phone prices were lower by 15.0 percent and telephone and telefax service prices fell 1.0 percent, year-on-year.

The month-on-month decrease in food and non-alcoholic beverages came from lower vegetable prices, down 11.4 percent. Prices of vegetables cultivated for their fruit fell 21.2 percent and potato prices fell 18.5 percent. Prices of fruit dropped 3.5 percent.

Butter was up 4 percent compared to a month ago, and poultry was up 2.2 percent. Sausage and smoked meat prices of were higher by 1.7 percent.

In clothing and footwear, garment prices dropped 0.6 percent, and shoe and other footwear prices dropped 1.4 percent.

Prices rose in recreation and culture due to higher prices for package holidays, up 1.4 percent.

Prices of goods in total dropped by 0.4 percent and prices of services rose by 0.3 percent.

The inflation rate, meaning the increase in the average CPI in the 12 months to August 2017 compared with the average CPI in the previous 12 months, amounted to 2.0 percent in August.

According to preliminary data from Eurostat, the year-on-year change in the average harmonized index of consumer prices (HICP) in the EU28 was 1.5 percent in July, the same as in June. The rise in prices was the highest in Lithuania (4.1 percent) and Estonia (3.9 percent).

On the other hand, a year-on-year drop in prices occurred in Ireland and Cyprus (−0.2 percent and −0.1 percent, respectively) in July. 

In Slovakia, the price increase accelerated to 1.5 percent in July from 1.0 percent in June. In Germany, prices rose by 1.5 percent in July, the same as in June.

According to preliminary calculations, the HICP in the Czech Republic in August went down 0.2 percent, month-on-month, and remained the same as in July, at 2.4 percent, year-on-year.

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