Consumer price indices - inflation - December 2014
Average inflation rate amounted to 0.4% in 2014
Consumer prices in December dropped compared with November (-0.1%). This development was mainly due to the decrease in prices in 'transport'. The year-on-year increase in consumer prices decelerated to 0.1% in December (0.6% in November). The average inflation rate reached 0.4% and was the lowest since 2003.
The month-on-month decrease in consumer prices in 'transport' came primarily from the reduction in prices of fuel (-5.2%), which was the biggest since December 2008. The average price of petrol Natural 95 (33.93 CZK per litre) was the lowest in December 2014 since February 2011. The average price of diesel oil amounted to 34.41 CZK per litre and was the lowest since September 2011. In 'clothing and footwear', prices of shoes and other footwear fell (-0.3%). In food, flour prices dropped (-2.8%) primarily as well as prices of meat (-0.7%), eggs (-1.1%), milk (-0.6%), cheese (-1.6%), butter (-2.3%), vegetables (-0.4%), non-alcoholic beverages (-1.0%).
A contrary effect on the overall consumer price level in December owed to a moderate rise in the other divisions of the consumer basket. In 'food and non-alcoholic beverages', prices of fruit rose by 9.8% in particular as well as prices of potatoes by 12.0%, pasta by 4.2%, chocolate and chocolate-based products by 1.4%. In 'alcoholic beverages and tobacco', prices of wine increased by 1.0%, beer by 1.6%, while prices of spirits went down (-1.9%). In 'furnishings, household equipment and routine household maintenance', prices of detergents went particularly up by 1.7%. In 'transport', prices of new cars and passenger transport by railway rose (1.5% and 0.8%, respectively). In 'communication', prices of postal services increased by 4.5%. In 'miscellaneous goods and services', prices of financial services were higher by 0.4%.
Prices of goods in total dropped (-0.2%), while prices of services went up by 0.1%.
In terms of the year-on-year comparison, in December, the consumer price level rose by 0.1%, i.e. 0.5 percentage points down from November. It was due primarily to higher m-o-m growth of prices in December 2013 than in December 2014. This was the case especially in prices in 'food and non-alcoholic beverages', which turned to the drop (-0.5%) in December from the y-o-y growth by 1.5% in November. The reduction in prices in 'food and non-alcoholic beverages' came especially from deeper y-o-y drop in prices of vegetables (-14.3% compared with -2.3% in November). Prices of milk, cheese and butter turned to a decrease from -2.1% to -2.8% (a rise from 0.7% to 1.6% in November). Many kinds of food saw a slowdown in the price growth. Prices of bread and cereals were higher by 0.3% (0.7% in November), meat by 0.7% (1.2% in November), eggs by 12.5% (16.7% in November), yoghurts by 4.6% (5.5% in November), other milk products by 1.8% (3.3% in November), fruit by 1.4% (2.2% in November). The y-o-y drop in prices in 'transport' was due to a fall in fuel prices -6.0% (a rise by 0.6% in November).
Prices in 'food and non-alcoholic beverages' stopped to have an increasing influence on the growth of the price level in December. On the contrary, they started to have an anti-inflationary effect. The biggest effect had prices in 'miscellaneous goods and services', where prices of insurance and financial services were higher (2.9% and 5.6%, respectively).
The reduction of the y-o-y price growth was affected by a decline in prices in 'housing, water, electricity, gas and other fuels' due to the fall in prices of electricity (-9.6%). Natural gas prices increased by 2.4%, the net actual rentals by 1.3%, water supply by 3.4%, sewage collection by 3.2%, heat and hot water by 0.6%. The year-on-year decrease in prices continued in 'communication' due to the drop in prices of telephone and telefax services and mobile phones (-1.6% and -19.0%, respectively).
Prices of goods in total went down (-0.7%), while prices of services were higher by 1.2%. The overall consumer price index excluding imputed rentals was 100.0%, year-on-year.
Inflation rate, i.e. the increase in the average consumer price index in the twelve months to December 2014 compared with the average CPI in the previous twelve months, stood at 0.4% in December.
According to preliminary data of Eurostat, the year-on-year increase in the average harmonized index of consumer prices (HICP)1) in the EU28 member states was 0.4% in November, i.e. 0.1 percentage point less than in October. Prices went up the most in Romania and Austria (both 1.5%). On the other hand, the largest price decline occurred in Bulgaria and Greece (-1.9% and -1.2%, respectively). In Slovakia, the y-o-y growth of prices was zero for the second month in a row. In Germany, the year-on-year price rise slowed down to 0.5% in November, i.e. 0.2% down on October. According to preliminary calculations, the HICP in the Czech Republic in December remained unchanged, month-on-month, and was higher by 0.1% (0.6% in November), year-on-year. The MUICP (Monetary Union Index of Consumer Prices) flash estimate for the Eurozone in December 2014 amounted to -0.2%, y-o-y, as Eurostat announced (more information on the Eurostat’s web pages: HICP).
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1) So far, imputed rentals have been excluded from the HICP.
Analysis - Consumer price indices in Q4 2014 and in the year 2014
Notes:
Responsible manager of the CZSO: Jiri Mrazek, Department Director, email: jiri.mrazek@czso.cz
Contact: Pavla Sediva, phone (+420) 274052138, email: pavla.sediva@czso.cz
Method of data collection: Direct field survey of prices, centrally surveyed prices and reporting
End of data collection: 20th day of the reference month/ End of data processing: 3rd day of the month that follows the reference month
Related publications: 012018-14 Consumer Price Indices – Basic Breakdown (periodicity: monthly) and 012019-14 Consumer Price Indices – Detailed Breakdown (periodicity: annually)
Related documents available on the CZSO website: 012023-14 Consumer Price Indices – Detailed Breakdown (periodicity: monthly)
/csu/czso/2-ep-7
Next News Release: 9 February 2015
Not edited for language.
Attachments
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Annexes:
- year 2024 | March 2024 | February 2024 | January 2024
- year 2023 | December 2023 | November 2023 | October 2023 | September 2023 | August 2023 | July 2023 | June 2023 | May 2023 | April 2023 | March 2023 | February 2023 | January 2023
- year 2022 | December 2022 | November 2022 | October 2022 | September 2022 | August 2022 | July 2022 | June 2022 | May 2022 | April 2022 | March 2022 | February 2022 | January 2022
- year 2021 | December 2021 | November 2021 | October 2021 | September 2021 | August 2021 | July 2021 | June 2021 | May 2021 | April 2021 | March 2021 | February 2021 | January 2021
- year 2020 | December 2020 | November 2020 | October 2020 | September 2020 | August 2020 | July 2020 | June 2020 | May 2020 | April 2020 | March 2020 | February 2020 | January 2020
- year 2019 | December 2019 | November 2019 | October 2019 | September 2019 | August 2019 | July 2019 | June 2019 | May 2019 | April 2019 | March 2019 | February 2019 | January 2019
- year 2018 | December 2018 | November 2018 | October 2018 | September 2018 | August 2018 | July 2018 | June 2018 | May 2018 | April 2018 | March 2018 | February 2018 | January 2018
- year 2017 | December 2017 | November 2017 | October 2017 | September 2017 | August 2017 | July 2017 | June 2017 | May 2017 | April 2017 | March 2017 | February 2017 | January 2017
- year 2016 | December 2016 | November 2016 | October 2016 | September 2016 | August 2016 | July 2016 | June 2016 | May 2016 | April 2016 | March 2016 | February 2016 | January 2016
- year 2015 | December 2015 | November 2015 | October 2015 | September 2015 | August 2015 | July 2015 | June 2015 | May 2015 | April 2015 | March 2015 | February 2015 | January 2015
- year 2014 | December 2014 | November 2014 | October 2014 | September 2014 | August 2014 | July 2014 | June 2014 | May 2014 | April 2014 | March 2014 | February 2014 | January 2014
- year 2013 | December 2013 | November 2013 | October 2013 | September 2013 | August 2013 | July 2013 | June 2013 | May 2013 | April 2013 | March 2013 | February 2013 | January 2013
- year 2012 | December 2012 | November 2012 | October 2012 | September 2012 | August 2012 | July 2012 | June 2012 | May 2012 | April 2012 | March 2012 | February 2012 | January 2012
- year 2011 | December 2011 | November 2011 | October 2011 | September 2011 | August 2011 | July 2011 | June 2011 | May 2011 | April 2011 | March 2011 | February 2011 | January 2011
- year 2010 | December 2010 | November 2010 | October 2010 | September 2010 | August 2010 | July 2010 | June 2010 | May 2010 | April 2010 | March 2010 | February 2010 | January 2010
Published: 09.01.2015
The data are valid as of the release date of the publication.
Contact: Information Services Unit - Headquarters, tel.: +420 274 056 789, email: infoservis@czso.cz