Consumer price indices - inflation - August 2020

Month-on-month price level remained unchanged

10.09.2020
Code: 012024-20
 

Consumer prices in August remained unchanged compared with July (monthly change 0.0%). The decrease of prices especially in 'food and non-alcoholic beverages' was offset by a price growth mainly in 'transport'. The year-on-year growth of consumer prices amounted to 3.3% in August, which was 0.1 percentage points down on July.

 

Month-on-month comparison

The decrease in the overall consumer price level in August came mainly from prices in 'food and non-alcoholic beverages'. Primarily prices of vegetables were lower by 3.4%, of which prices of potatoes dropped by 11.1%. Prices of fruit decreased by 1.1% and prices in group milk, cheese and eggs by 0.5%. In 'clothing and footwear‘, prices of garments were lower by 0.7% and shoes and other footwear by 0.5%.

Month-on-month rise of consumer prices in ‘transport‘, came primarily from price increase of motor cars by 0.6% and automotive fuels and lubricants by 0.4%. In ‘restaurants and hotels‘, prices of catering services went up by 0.2%. In ‘recreation and culture‘, prices of package holidays were higher by 2.1%. In food, mainly prices of oils and fats increased by 2.1% and prices of sugar by 4.9%.

Prices of goods in total went down by 0.2%, whereas prices of services went up by 0.2%.


Year-on-year comparison

Consumer prices increased by 3.3% in August, i.e. 0.1 percentage points down on July. In 'food and non-alcoholic beverages', price growth of pork decelerated to 3.6% (5.0% in July), smoked meat and sausages to 8.3% (10.3% in July), eggs to 6.9% (9.4% in July) and non-alcoholic beverages to 3.3% (3.8% in July). In 'alcoholic beverages, tobacco', prices of spirits increased by 9.5% (10.6% in July), beer by 3.7% (4.7% in July) and prices of wine turned from rise by 2.2% in July into decline by 0.2% in August. In 'transport‘, the price drop of automotive fuels and lubricants slowed down to 13.7% (decrease by 14.4% in July).

The biggest influence on the growth of the year-on-year price level in August came, as before, from prices in 'alcoholic beverages and tobacco' (an increase by 9.9%). In ‘food and non-alcoholic beverages’, prices of meat went up by 6.0%, fruit by 22.4% and sugar by 12.0%. In 'housing, water, electricity, gas and other fuels’, prices of actual rentals for housing were higher by 2.6%, water supply by 1.7%, sewage collection by 1.5%, electricity by 7.6% and natural gas by 0.4%. In ‘restaurants and hotels’, prices of catering services increased by 5.5%. A reduction in the overall price level in August came again from prices in ‘transport’ (a decrease by 0.1%) and in 'communication' (a decrease by 4.0%).

Prices of goods in total and services went up (3.6% and 2.7%, respectively). The overall consumer price index excluding imputed rentals for housing was 103.4%, year-on-year.

Inflation rate, i.e. the increase in the average consumer price index in the twelve months to August 2020 compared with the average CPI in the previous twelve months, amounted to 3.2%.

According to preliminary data of Eurostat, the year-on-year change in the average harmonized index of consumer prices (HICP)[1]) in the EU27 member states amounted to 0.8% in July (0.1 percentage point up on June). The rise in prices was the highest in Hungary (3.9%) and Poland (3.7%). On the other hand, price reduction occurred in 8 EU countries, the deepest in Greece (−2.1%) and in Cyprus (−2.0%). In Slovakia, prices were higher by 1.8% year-on-year, both in June and July. In Germany, year-on-year price change amounted to 0.0% in July (0.8% in June). According to preliminary calculations, the change in the HICP in the Czech Republic in August amounted to 0.0% month-on-month, and 3.5% year-on-year. The MUICP (Monetary Union Index of Consumer Prices) flash estimate for the Eurozone in August 2020 amounted to −0.2%, y‑o‑y, as Eurostat announced (more information on the Eurostat’s web pages: HICP.)

Methodological note to consumer price index in August 2020 (COVID-19)

 

Notes:
Responsible manager of the CZSO: Jiri Mrazek, Director of Price Statistics Department, email: jiri.mrazek@czso.cz
Contact: Pavla Sediva, Head of the Consumer Price Statistics Unit, phone (+420) 274052138, email: pavla.sediva@czso.cz
Data source: 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: 012018-20 Consumer Price Indices – Basic Breakdown (periodicity: monthly), 012023-20 Consumer price Indices – Detailed Breakdown (periodicity: monthly) and 012019-20 Consumer Price Indices – Detailed Breakdown (periodicity: annually)
Internet: https://www.czso.cz/csu/czso/inflation-consumer-prices
Next News Release: 12 October 2020
Text not edited for language


[1]) Imputed rentals are excluded from the HICP.

 

  •      aisc091020.docx
  • Annexes:
  • Table 1 Consumer Price Index (indices, inflation rate)
  • Table 2 Consumer Price Index (breakdown of the growth month-on-month)
  • Table 3 Consumer Price Index (breakdown of the growth – month-on-month, year-on-year)
  • Table 4 Consumer Price Index (social groups of households – indices, inflation rate)
  • Table 5 Consumer Price Index (analytical table, specific consumer price indices)
  • Chart 1 Consumer Price Index (year-on-year changes, changes on base year)
  • Chart 2 Harmonized Index of Consumer Prices – International comparison
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Published: 10.09.2020
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