Czech Republic: Inflation moves closer to Central Bank’s target
Consumer prices inched up 0.6% in January from the prior month, which is markedly up from 0.0% in December (previously reported: +0.1% month-on-month). Data released by the Statistical Institute showed that the increase in prices was chiefly driven by higher prices for alcoholic beverages and tobacco, as well as for housing, water, electricity, gas and other fuels.
Inflation moderated from 2.4% in December to 2.2% in January. As a result, inflation edged closer to the mid-point of the Central Bank’s 1.0%–3.0% target range. Annual average inflation, meanwhile, was stable in January at the prior month’s 2.5%.