2023.06.1215:45:00UTC+00Czech Consumer Price Inflation Eases To 11.1%, Lowest In 15 Months

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 utilities 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 percent year-over-year in May, slower than the 12.7 percent rise in April. Economists had expected inflation to ease to 10.9 percent.

This was the lowest inflation rate since February 2022, when prices had risen the same 11.1 percent.

"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 in average at petrol stations in May, which was the lowest value from August 2021".

Transport costs dropped further by 22.6 percent year-on-year in May amid a sharp fall in fuel prices.

On a month-on-month basis, consumer prices rose 0.3 percent in May after a 0.2 percent decline in the previous month. The increase was mainly due to higher prices in the'food and non-alcoholic beverages' group.