“Consumer prices rose by 12.7 percent compared to March last year. We recorded the most significant acceleration in price growth for fuels, which were half as expensive in March as a year ago. For example, Natural 95 was sold at petrol stations for an average of about 44.50 and diesel for 47 crowns per liter, “said Pavla Šedivá, Head of the CZSO Consumer Price Statistics Department.
Electricity prices rose by 24.7 percent year on year, natural gas prices by 37.7 percent and products and services for routine maintenance and repairs of the dwelling by 16.4 percent. People had to pay 13.9 percent extra for heat and hot water.
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Expensive housing
According to statisticians, prices in the housing section again had the largest impact on year-on-year price level growth in March, where, in addition to owner-occupied housing, rental prices rose by 4.4 percent, water charges by 5.3 percent, sewerage by 6.4 percent and solid fuels by almost a fifth.
Next in line were prices in transport, where statistics recorded an increase of less than 22 percent.
In the case of food and non-alcoholic beverages, the prices of flour were higher by 30.3 percent year-on-year, semi-skimmed milk powder by 20.1 percent, butter by 31.9 percent and potatoes by 21.4 percent, statistics said. Compared to March last year, clothes were almost 20 percent more expensive and shoes were 15.4 percent more expensive.
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Inflation exceeded the CNB’s estimate
March year-on-year inflation was 2.9 percentage points higher than estimated by the Czech National Bank (CNB) in the February forecast. The main reason was a significant increase in fuel prices. Another reason was the higher growth of food prices and regulated prices. Core inflation was also higher than estimated, which is seasonally adjusted inflation, changes in regulated prices and taxes, said Petr Král, Director of the CNB’s Monetary Section.
“The March data reflected additional price shocks in connection with the war in Ukraine and sanctions against Russia, both in the area of commodity prices and in the area of supplies of goods,” said King.
