Year-on-year growth in consumer prices in the Czech Republic decreased to 2.6% in May 2024 from the April four-month high of 2.9%. According to the Czech Statistical Office (ČSÚ), this was mainly due to a significant reduction in food prices.

Photo by Petr Svancara/PAP/CTK

The inflation growth in the Czech Republic is down by 0.3 percentage points on the inflation growth in April when it accelerated on the March 2% y/y growth. In year-on-year terms, the slowdown in April's growth was primarily influenced by the prices of food and non-alcoholic beverages.

Housing, water, electricity, gas, and other fuels sectors drove the year-on-year price growth in May, with electricity up by 11.1%, water supply by 10.9% and sewage collection by 10.5%.  In the alcoholic beverages and tobacco sector, prices of beer increased by 6.3% , spirits by 6.1% and tobacco products by 7.3%.

Hungary's Inflation Rises Slightly in May

The annual inflation rate in Hungary increased from 3.7 percent in April to 4 percent in May, announced the Central Statistical Office (KSH) in Budapest on Monday. Food prices increased by an average of 1% per year. Compared to May 2023, the prices of sugar (by 29.6%), chocolate and cocoa (by 9.8%), and fruit and vegetable juices (by 9.5%) increased the most. At the same time, the prices of eggs dropped by 22 percent, flour by 19.6 percent, dairy products by 11.6 percent, pasta by 10.6 percent, and milk and bread by 9 percent each.

Inflation in Hungary reached the 3.0% +/-1pp tolerance band of the National Bank (MNB) in January after peaking at 25.7% a year earlier.