The Czechia has the third highest inflation in the EU – prices rose by 3.5 percent year on year in August.
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Consumer prices are rising the fastest in Hungary – by four percent. It is followed by Poland with inflation of 3.7 percent.
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On the contrary, in fourteen countries the level of consumer prices is falling, in other words they are experiencing deflation. Prices fall the most in Cyprus (-2.9 percent), Greece (-2.3 percent) and Estonia (-1.3 percent).
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In neighboring Germany, the price level was 0.1 percent lower in August than in the same month last year.
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At the same time, it was from July that the local government proceeded to a temporary reduction in value added tax (VAT) until the end of the year in an effort to stimulate demand in response to the coronavirus crisis.
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