Czech Republic: Inflation climbs to near eight-year high at outset of 2020
Consumer prices soared 1.5% from the previous month in January, following December’s 0.2% increase. Data released by the Czech Statistical Office (CSO) revealed that January’s jump was mainly driven by higher prices for food and non-alcoholic beverages, and for alcoholic beverages and tobacco amid an increase in excise taxes.
Meanwhile, inflation leaped from 3.2% in December to 3.6% in January, the highest reading since March 2012. Thus, it rose further above the Central Bank’s 1.0%–3.0% tolerance range, where it has been for the past three months. Lastly, annual average inflation inched up to 2.9% from 2.8% in December 2019.