Consumer Price Indices - Basic Information
Commentary | Contents |
Consumer prices rose moderately
Consumer price indices - June 2004
The month-on-month increase in consumer prices (+0.2%) was influenced mainly by the rise in seasonal prices of recreational stays abroad and domestic recreational stays (+4.5%). The increase in the price level was affected by the further rise in prices of tobacco products (+2.0%), which still went up in June due to the change in excise duty in January. In ‘health’, prices of drugs rose (+0.6%). In public catering, food prices increased in restaurants and canteens (+0.4% and +0.6%, respectively). The growth of prices in ‘miscellaneous goods and services’ was brought about by the increase in prices of financial services (+5.3%). The price level in ‘food and non-alcoholic beverages’ remained unchanged month-on-month. The development was due to price fluctuations in individual kinds of food. Higher were particularly prices of tropical fruit (+8.1%), pork (+1.7%), rice (+1.6%) and sugar (+2.1%). The reduction was primarily recorded for prices of eggs (-5.3%), fruit of temperate climatic zone (-4.2%), and fresh vegetables (-4.9%). Prices of potatoes (which usually rose markedly in June as late potatoes in the market were replaced by early ones), increased only +2.6%. The drop in prices in ‘transport’ was caused mainly by the decrease in prices of used cars (-4.1%). Price growth of automotive fuel distinctively slowed down (+0.4%; against +5.7% in May). In total, prices of goods remained unchanged, while prices of services rose (+0.6%).
In terms of year-on-year comparison, the growth of consumer prices accelerated to 2.9% in June, which was by 0.2 percentage points more than in May. The year-on-year acceleration occurred in most divisions of the consumer basket. The biggest growth acceleration was in ‘recreation and culture’, where prices of package holidays rose by 2.2% (against the drop –1.3% in May) and in prices of newspapers and magazines (+6.1%). The year-on-year rise in ‘alcoholic beverages, tobacco’ continued speeding up due to an increase in prices of tobacco products (+7.5%). In ‘miscellaneous goods and services’, prices of financial services and personal services were higher (+15.9% and +18.0%, respectively). On the other hand, a further noticeable slowdown in y-o-y growth was recorded for prices of ‘food and non-alcoholic beverages’ primarily due to the changes in prices of potatoes, which were lower by 20.4% in comparison with May, when the prices were higher year-on-year (+56.6%). The y-o-y drop in prices of fresh vegetables and fruit of temperate climatic zone became deeper; it reached -14.8% and -7.6%, respectively. Prices of bread and cereals were higher (+12.9%), pork (+7.8%), milk, cheese, eggs (+5.1% in average) and oils and fats (+4.2%). A decrease of prices was recorded for household appliances, detergents, bicycles, mobile phones, equipment for the reception, recording and reproduction of sound and pictures. In total, prices of goods went up by 1.2% and prices of services by 5.8%.
Inflation rate, i.e. an increase in the average consumer price index for last 12 months related to the average CPI for the preceding 12 months, amounted to 1.4% in June (i.e. 0.2 percentage points more than in May).
There accelerated a 2.7% y-o-y increase in the harmonized index of consumer prices (HICP) in the Czech Republic in June (from +2.6% in May). According to preliminary data of Eurostat, the year-on-year increase in the average HICP in the EU25 in May 2004 reached 2.4% (which was 0.4 percentage points up on April). The acceleration of the year-on-year increase was recorded for most of the EU countries. The highest growth of prices was observed in Slovakia (+8.2%), while prices in Finland were 0.1% down on May 2003. According to a flash estimate published by Eurostat, the y-o-y increase of the HICP for the Euro-zone in June 2004 was 2.4%.
Note
Contact: Marie Huskova, phone (+420) 274054104, e-mail: huskova@gw.czso.cz
Data source: CZSO survey
End of data collection: 20th day of the reference month
End of data processing: 3rd day of the month that follows each reference month
The data are final.
Related publications: 7101-04 Consumer Price Indices – Basic Information; 7103-04 Consumer Price Indices – Detailed Information (Internet: https://csu.gov.cz )