“The focus of month-on-month price growth in September was the housing, water, energy and fuels section. In October, the price in the transport section continued to rise in price, both due to higher fuel prices and more expensive cars, ”said Miroslav Novák, an analyst at Akcenta.
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“Year-on-year, the main contributors to headline inflation in October were housing-related costs, including energy, and the transport section. While the price of electricity has been declining year-on-year so far this year, in October electricity and gas prices have already started to make a positive contribution to year-on-year inflation, ”Novák added.
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According to UniCredit Bank analyst Patrik Rožumberský, October was the fourth month in a row when year-on-year inflation showed a relatively dramatic jump. “Price growth probably accelerated again across the consumer basket, or for the vast majority of the 12 main price groups. Of these, the housing group, with continued growth in owner-occupied housing costs and higher energy prices, probably contributed the most to the increase in year-on-year inflation, ”he said.
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According to him, another item with a significant impact on inflation was fuels, which in October probably rose by more than a quarter year-on-year.
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“The growth rate of consumer prices accelerated again last month, as the main reason was the increase in housing costs, including the incipient increase in energy prices,” said Komerční banka economist Michal Brožka. According to him, inflation will probably rise above six percent at the beginning of next year.
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