Czech Republic, Austria, and Slovakia are jointly pressing the European Union to address rising electricity prices, Slovak Prime Minister Robert Fico announced following a meeting with his counterparts, Czech Prime Minister Andrej Babiš, and Austrian Chancellor Christian Stocker. The call for intervention comes ahead of a scheduled EU summit where the issue is expected to be raised.
Babiš voiced concerns over speculation within the emissions trading market, stating that these activities are contributing to the high cost of energy. He emphasized the need to protect European industry from what he described as unfair competition, warning that the sector may not withstand current price pressures. “If we don’t recover, European industry won’t survive,” Babiš said, adding that speculation with emissions allowances is a key factor.
Fico asserted that the common electricity market in Europe has failed and that addressing energy prices is “the first step” towards resolving a broader crisis facing the EU. He highlighted the importance of ensuring European competitiveness, particularly in comparison to countries like China, where energy costs are significantly lower. Fico as well criticized the EU’s climate goals in this context.
The three leaders agreed on a joint declaration encompassing not only electricity prices but also the automotive industry, according to Fico. Babiš reiterated his criticism of the European Commission’s initial plans regarding the phasing out of combustion engine vehicles, even after the Commission softened its stance in December. He argued that the focus should be on protecting European industry.
Recent data from Eurostat indicates a decline in the year-on-year inflation rate in the Eurozone to 1.7 percent in January, down from 2.0 percent in December 2025. However, inflation rates vary significantly across European nations. While Slovakia recorded an inflation rate of 3.8 percent, Austria saw 2.0 percent, and Poland 2.4 percent. Germany’s inflation stood at 2.1 percent. Romania experienced the highest inflation in Europe at 9.7 percent, followed by Ukraine at 7.4 percent and Belarus at 6.4 percent. Switzerland and Liechtenstein reported the lowest inflation rates, both at 0.1 percent.
Globally, China’s annual inflation rate fell to 0.2 percent in January 2026, the lowest level since October 2025, driven by a high comparative base and declining energy prices. Analysts note that China’s government is implementing support measures to bolster its domestic economy and avoid deflation, as prices remained unchanged throughout 2025. Inflation data for the United States in January 2026 is not yet available, but projections suggest a slowdown to 2.5 percent, the lowest level since May, compared to 2.7 percent in the preceding two months.