Inflation has slowed. In the fourth quarter of 2023, consumer prices fell by 0.4% compared to the same quarter of 2023. In comparison, consumer prices rose by 7.6%

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In the fourth quarter of 2023, consumer prices fell by 0.4% compared to the same quarter of 2023. In the meantime, consumer prices rose by 7.6%.

The quarter-on-quarter development of consumer prices in the fourth quarter of 2023 was mainly influenced by price changes in the departments of recreation and culture, food and non-alcoholic beverages, and in the housing department. The most significant price increase was in the clothing and footwear and canteen and lodging departments. In the recreation and culture department, the prices of holidays with comprehensive services fell by 16.5%. In the section of food and non-alcoholic beverages, the prices of bakery products and cereals decreased by 0.7%, meat by 1.7%, milk, cheese and eggs by 3.1%, vegetables by 0.3%, of which potatoes by 10, 4%, sugar by 7.8%, flowers by 3.8%. In the residential sector, electricity prices fell by 1.5%, natural gas by 4.8%, solid fuels by 1.3% and heat and hot water by 0.8%. The prices of apartments rose by 1.4%. The imputed amount (cost of owning a house) grew by 1.1%. In clothing, clothing and footwear, clothing prices rose by 3.7% and footwear prices by 4.4%. In the section of restaurants and hostels, the prices of catering services increased by 1.3%. To the right, fuel and oil prices rose by 0.2%. The average month-on-month change in the general consumer price index in the last quarter of 2023 reached 0.1%, in the current quarter of 2023 it was 0.0%.

Meziron mra inflation

Source: S

Slowed down by 4.4 percentage points compared to 2022

Meanwhile, consumer prices rose by 7.6% in the last quarter of 2023 compared to the same quarter in 2022, i.e. by 0.4 percentage points less than in the current quarter of 2023. This development was mainly influenced by the slowdown in price growth in the food and non-alcoholic beverages category. In the fourth quarter of 2023, the prices of bakery products and cereals increased by 3.0%, fruit by 8.2%, vegetables by 16.6%, of which potatoes by 34.3%. Prices rose by 2.5%. The prices of meat fell by 1.5%, milk, cheese and eggs by 7.0% and sugar by 15.7%.

Accelerated price growth was recorded by five items in the housing sector, with the largest increase in the prices of electronics (by 144.6%). The prices of non-apartment materials increased by 7.5%, products and services for the general possession of an apartment by 6.2%, water by 16.3%, stone by 26.9%, solid fuels by 0.3%, heat and hot water by 26.4%. The imputed amount (ownership costs) was 0.3% higher.

The average rate of inflation in 2023 reached 10.7%, which was 4.4 percentage points less than in 2022. During the entire year of 2023, the year-on-year growth rate gradually decreased (from 16.4% in the 1st quarter to 7.6 % in the 4th quarter).

The development of inflation in 2023 was mainly influenced by the increase in prices in the housing, food and non-alcoholic beverages departments. In the currency, the increase in inflation was caused by three percent of prices in other departments. The opposite direction, i.e. to the dream of the price level, caused the development of prices in the right direction.

The Harmonized Index of Consumer Prices (HICP), which is used for international comparison, fell by 0.4% month-on-month and rose by 7.6% year-on-year in December, according to preliminary inflows. According to Eurostat’s flash estimates, the year-on-year change in the HICP in December 2023 was 2.9% in the euro area, 3.8% in Germany. In December, it was highest in Slovakia (6.6%) and lowest in Belgium and Italy (0.5% respectively).

Interannual breakdown of changes in the consumer price index in 2023


Source: S

The article is in Czech

Tags: Inflation slowed fourth quarter consumer prices fell compared quarter comparison consumer prices rose

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