Prague, Jun. 13, (dpa-AFX/GNA) - The Czech Republic’s consumer price inflation eased for the fifth month in a row in May to the lowest level in more than a year, largely due to a slowdown in utility costs as well as in prices of food and non-alcoholic beverages, data from the Czech Statistical Office showed on Monday.
The consumer price index, or CPI, climbed 11.1% year-over-year in May, slower than the 12.7% rise in April. Economists had expected inflation to ease to 10.9%.
This was the lowest inflation rate since February 2022, when prices had risen the same 11.1 per cent.
“The only consumer price division where the prices in comparison with last year were even lower was transport, mainly due to decreasing prices of fuels,” CZSO official Pavla Sediva said.
“For example, diesel was sold for CZK 31.72 per litre on average at petrol stations in May, which was the lowest value from August 2021.”
Transport costs dropped further by 22.6% year-on-year in May amid a sharp fall in fuel prices.
On a month-on-month basis, consumer prices rose 0.3% in May after a 0.2% decline in the previous month.
GNA