Consumer price indices - inflation - February 2022
Year-on-year price growth exceeded 11%
Consumer prices in February increased by 1.3%, month-on-month. This development came primarily from higher prices in 'housing, water, electricity, gas and other fuels'. The year-on-year growth of consumer prices amounted to 11.1% in February, which was 1.2 percentage points up on January.
Month-on-month comparison
Consumer prices in February increased by 1.3%, month-on-month. In 'housing, water, electricity, gas and other fuels', mainly prices of electricity were higher by 3.2%, natural gas by 5.6%, solid fuels by 2.2% and materials and services for maintenance and repair of the dwelling by 1.1%. In 'food and non-alcoholic beverages', mainly prices of vegetables increased by 5.9%, bread and cereals by 1.6%, non-alcoholic beverages by 2.1%, smoked meat and sausages by 2.2%, cheese and curd by 1.9% and poultry by 2.2%. Prices of pork decreased by 2.0% and eggs by 4.0%. Price development in 'recreation and culture' was mainly influenced by price growth of package holidays by 4.0%. In 'transport', prices of fuels and lubricants for personal transport equipment were higher by 4.0%.
“Consumer prices increased by more than 11% in comparison with last February. Year-on-year price growth accelerates since last July, i.e. for 8 consecutive months. The most significant price increases were observed for items from housing, transport and food,” noted Jiri Mrazek, director of Price Statistics Department of CZSO.
Consumer prices increased by 11.1% in February, i.e. 1.2 percentage points up on January. Year-on-year price growth acceleration1) occurred mainly in 'housing, water, electricity, gas and other fuels' and in 'food and non-alcoholic beverages'. In 'housing, water, electricity, gas and other fuels', mainly price growth of electricity accelerated to 22.6% (increase by 18.8% in January) and natural gas to 28.3% (increase by 21.5% in January). In 'food and non-alcoholic beverages', prices of bread and cereals went up by 11.3% (increase by 9.4% in January), prices of products in group milk, cheese and eggs by 8.8% (increase by 7.2% in January), vegetables by 8.0% (increase by 7.3% in January) and non-alcoholic beverages by 7.0% (increase by 3.9% in January). Prices of meat turned from a decrease by 0.9% in January into growth by 1.8% in February. In 'restaurants and hotels', price growth of catering services accelerated to 12.7% (increase by 11.2% in January).
The biggest influence on the growth of the year-on-year price level in February came again from prices in 'housing, water, electricity, gas and other fuels', where besides owner occupied housing costs, also prices of actual rentals increased by 4,3%, prices of water supply by 5.3%, sewage collection by 6.4%, solid fuels by 17.9% and heat and hot water by 12.4%. Next in order of influence were prices in 'transport', where prices of motor cars were higher by 10.5% and fuels and lubricants for personal transport equipment by 31.0%. In 'food and non-alcoholic beverages', prices of flour were higher by 25.3%, year-on-year, UHT semi-skimmed milk by 18.1%, butter by 30.0%, potatoes by 14.7% and sugar by 24.2%. Prices in restaurants, cafés and the likes were higher by 14.1%, year-on-year. Prices of garments were higher by 17.8% and prices of shoes and other footwear by 14.7%.
Prices of goods in total and services went up (12.0% and 9.6%, respectively).
Inflation rate, i.e. the increase in the average consumer price index in the twelve months to February 2022 compared with the average CPI in the previous twelve months, amounted to 5.2% (4.5% in January).
According to preliminary calculations, the HICP in Czechia in February went up by 1.3%, month-on-month and 10.0%, year-on-year. According to flash estimates of Eurostat, the MUICP (Monetary Union Index of Consumer Prices) in February 2022 amounted to 5.8% year-on-year (5.1% in January), 8.2% in Slovakia and 5.5% in Germany. According to preliminary data of Eurostat, the year-on-year change in the average harmonized index of consumer prices (HICP) in the EU27 member states amounted to 5.6% in January (0.3 percentage points up on December). The rise in prices in January was the highest in Lithuania (12.3%) and the lowest in France (3.3%).
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1) Acceleration/slowdown of the year-on-year price index growth is difference between current and previous year-on-year index. It therefore depends on the change of current month-on-month index and also on the change of base – month-on-month index (growth/decrease) in the same month of the last year.
2) Imputed rentals are excluded from the HICP.
Notes:
Responsible manager of the CZSO: Jiri Mrazek, Director of Price Statistics Department, phone (+420) 274052533, 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: 012018-22 Consumer Price Indices – Basic Breakdown (periodicity: monthly), 012023-22 Consumer price Indices – Detailed Breakdown (periodicity: monthly) and 012019-22 Consumer Price Indices – Detailed Breakdown (periodicity: annually)
Internet: https://www.czso.cz/csu/czso/inflation-consumer-prices
Next News Release: 11 April 2022
Text not edited for language
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Annexes:
- year 2024 | February 2024 | January 2024
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Published: 10.03.2022
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