Consumer Price Indices - Basic Information
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Moderate rise in price level continued
Consumer price indices - March 2004
The month-on-month rise (+0.1%) in consumer prices was influenced mainly by an increase in prices of automotive fuels (+3.0%) in ‘transport’ and by a moderate price growth of some other COICOP divisions of the consumer basket. After the drop in prices in ‘food and non-alcoholic beverages’ in February, these prices went slightly up primarily due to the rise in prices of milk, cheese, eggs (+0.4% in average), fresh vegetables (+0.6%) and fruit (+0.7%) in March. The rise in prices of potatoes continued (+3.8%). Prices of pork were decreasing for four months, but increased in March (+0.4%). Prices of poultry and smoked goods went down (-1.0% and –0.7%, respectively). Prices of bread and cereals were rising starting from October 2003, but fell in March (-0.3%). In public catering, mainly prices in canteens and prices of beer in restaurants went up (+0.5% and +1.1%, respectively). Prices of financial services increased (+2.6%). The reduction in prices of domestic recreational stays in the mountains and recreational stays in the mountains abroad, which fell in March after the increase in February, had a decreasing influence (similarly as in March 2003). In total, prices of goods went (+0.2%) up, while prices of services remained stable.
In terms of year-on-year comparison, consumer prices level was 2.5% higher in March 2004 to March 2003 (i.e. acceleration by 0.2 percentage points against February 2004 to February 2003). The year-on-year acceleration occurred mainly in ‘food and non-alcoholic beverages’, ‘transport’, ‘restaurants and hotels’ and ‘miscellaneous goods and services’. In food, prices of bread and cereals went (+11.2%) up, meat (+2.6%), milk, cheese and eggs (+5.3% in average), oils and fats (+4.1%), fruit (+4.4%) and potatoes (+69.3%). Prices of fish and fresh vegetables were lower. In ‘transport’ the decrease in prices of automotive fuels (–1.9%) in February slowed down to (-0.4%) in March. In ‘miscellaneous goods and services’ the increase in prices of financial services reached +13.2% (from +10.4% in February). Food prices and prices of dwellings remained the main factors of the year-on-year rise in March. The highest price growth continued in ‘communications’ due to the VAT increase in public telecommunication services from January 2004. On the other hand, prices of clothing and footwear, household appliances, mobile phones, equipment for the reception, recording and reproduction of sound and pictures continued in their long-term decrease. In total, prices of goods went up +1.6% and prices of services +4.0%.
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 0.8% in March (i.e. 0.3 percentage points more than in February).
According to preliminary data, the average increase in the harmonized index of consumer prices (HICP) in the EU Member States in February 2004 reached 1.5% year-on-year (i.e. a slowdown 0.3 percentage points to January). Most of the EU Member States observed lower year-on-year growth rates in February to January. Among Acceding Countries, moderate acceleration or stabilization in year-on-year increase in HICP was recorded. The y-o-y increase in HICP rose to 2.0% in the Czech Republic (the same rise as in January 2004). According to a flash estimate, the y-o-y HICP for the Euro-zone in March 2004 was 1.6%.
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 )