Consumer price indices - inflation - August 2013

Year-on-year inflation slowed down slightly

09.09.2013
Code: r-7101-13
 




Consumer prices in August dropped by 0.2% compared with July. This decline came primarily from a price decrease in 'food and non-alcoholic beverages'. The year-on-year growth of consumer prices decelerated to 1.3% in August from 1.4% in July.

The month-on-month decrease in consumer prices came particularly from the drop in prices of vegetables by 13.9%, of which prices of potatoes by 24.2% and vegetables cultivated for their fruit by 30.0%. Prices of fruit went down by 1.9%, of which prices of stone fruit and berries by 23.2%. Prices of edible oils fell slightly as well as prices of pulses, chocolate and chocolate-based products, non-chocolate confectionery, cocoa, coffee, tea (ranging from 1.1% to 1.4%). In 'clothing and footwear', prices of both clothing and footwear were lower (-0.9% and -1.0%, respectively).

A contrary effect on the consumer price level owed mainly to a growth of prices in 'alcoholic beverages, tobacco' due to higher prices of tobacco products by 1.1%. In 'recreation and culture', seasonal prices of package holidays went up by 2.1%. In 'communication', prices of postal services rose by 19.8%. Prices of automotive fuel were higher by 0.7%. Financial services increased by 0.8%.

Prices of goods in total dropped (-0.4%), while prices of services rose (0.1%).

In terms of the year-on-year comparison, in August, the increase in consumer prices was 1.3%, i.e. 0.1 percentage point down compared with July. A deceleration of the price rise came particularly from prices in 'transport', where prices of automotive fuel turned from a rise (1.8%) in July to a drop (-0.7%) in August. This was due to their significant m-o-m increase in August 2012.

A decisive upward effect on the y-o-y consumer price level came from prices in 'food and non-alcoholic beverages'. Prices of flour rose by 20.1%, pork by 7.1%, milk by 11.6%, cheese by 7.3%, butter by 13.4%, fruit by 11.2%, potatoes by 103.4%. The other more important upward effect owed to prices in 'housing, water, electricity, gas and other fuels' and to prices in 'alcoholic beverages, tobacco'. In 'housing, water, electricity, gas and other fuels', the net actual rentals went up by 2.2%, water supply by 6.6%, sewerage collection by 7.1%, prices of electricity by 3.3%, heat and hot water by 3.9%. Prices of natural gas were lower, year-on-year (-6.9%). In 'alcoholic beverages, tobacco', prices of spirits increased by 3.0%, wine by 3.6%, beer by 4.7%, tobacco products by 3.0%.

The reduction of the y-o-y price growth came from the decrease in prices in 'communication', where prices of telephone and telefax services were lower (-11.2%). The drop in prices in 'furnishings, household equipment and routine household maintenance' was influenced primarily by lower prices of household appliances (-3.3%). In 'transport', prices of passenger cars were lower (- 2.5%).

Prices of goods in total and prices of services increased (1.7% and 0.8%, respectively). The overall consumer price index excluding imputed rentals was 101.5%, year-on-year.

Inflation rate, i.e. the increase in the average consumer price index in the twelve months to August 2013 compared with the average CPI in the previous twelve months, stood at 2.0% in August.

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 1.7% in July, i.e. the same as in June. Prices grew most in Estonia (3.9%). On the other hand, a y-o-y price decrease occurred in Greece (-0.5%) in July. In Germany, the price rise amounted to 1.9% in July (the same as in June). In Slovakia, the price increase decelerated moderately to 1.6% in July (1.7% in June). According to preliminary calculations, the HICP in the Czech Republic in August 2013 dropped by 0.2%, month-on-month, and rose by 1.2% (1.4% in July), year-on-year. The MUICP (Monetary Union Index of Consumer Prices) flash estimate for the Eurozone in August 2013 was 1.3%, 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.


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: 7101-13 Consumer Price Indices – Basic Breakdown (periodicity: monthly) and 7103-13 Consumer Price Indices – Detailed Breakdown (periodicity: annually)
Related documents available on the CZSO website: 710344-13 Consumer Price Indices – Detailed Breakdown (periodicity: monthly)
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Next News Release: 9 October 2013

Not edited for language.



  • aisc090913.doc

  • Annexes:
  • Table 1 Consumer prices (indices, inflation rate)
  • Table 2 Consumer prices (decomposition of increase – month-on-month, core inflation)
  • Table 3 Consumer prices (decomposition of increases – month-on-month, year-on-year)
  • Table 4 Consumer prices (social groups of households - indices, inflation rate)
  • Table 5 Consumer prices (analytical table, specific consumer price indices)
  • Graph 1 Consumer prices (year-on-year changes, changes on base year)
  • Graph 2 HICP – monthly data (2005 = 100)
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Published: 09.09.2013
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