Consumer price indices - inflation - December 2022

Overall consumer price level in December remains unchanged in comparison with November (month-on-month change 0.0%). Price drop mainly in 'transport' was compensated by price growth especially in 'housing, water, electricity, gas and other fuels', 'recreation and culture' and in 'food and non-alcoholic beverages'. The year-on-year growth of consumer prices amounted to 15.8% in December, which was 0.4 percentage points down on November. The average inflation rate for 2022 as a whole was 15.1%.
 

Month-on-month comparison

Overall price level in December remains unchanged, month-on-month. However, price development varied in individual divisions of consumer basket. In 'transport', prices of fuels and lubricants for personal transport equipment dropped by 10.5% and motor cars by 0.8%. In 'alcoholic beverages, tobacco', prices of wine were lower by 5.1%, spirits by 1.9% and beer by 1.3%. On the other hand, price growth was reported in 'housing, water, electricity, gas and other fuels', where mainly prices of natural gas were higher by 2.0%, and electricity by 1.2% (more information on electricity price index: Note). In 'recreation and culture', prices of package holidays were higher by 2.1%. In 'food and non-alcoholic beverages', mainly prices of UHT semi-skimmed milk increased by 8.0%, eggs by 5.9%, bread by 1.6%, potatoes by 6.9% and sugar by 4.7%. Prices of fruit in particular were lower by 3.2%, meat by 0.6% and butter by 3.7%, compared to November.

Prices of goods in total dropped by 0.2%, while prices of services went up by 0.3%.
 

Year-on-year comparison

Consumer prices increased by 15.8% in December, i.e. 0.4 percentage points down on November. This slowdown¹⁾ of year-on-year price growth was mainly influenced by prices in 'transport', where growth of car prices moderated to 9.2% (increase by 12.7% in November) and prices of fuels and lubricants for personal transport equipment to 4.4% (increase by 14.5% in November).

The biggest influence on the growth of the year-on-year price level in December came again from prices in 'food and non-alcoholic beverages' and prices in 'housing, water, electricity, gas and other fuels'. In 'food and non-alcoholic beverages', mainly prices of flour were higher by 42.0%, bread by 37.6%, poultry by 42.8%, UHT semi-skimmed milk by 55.4%, eggs by 92.4%, oils and fats by 38.2% and sugar by 98.9%. In 'housing, water, electricity, gas and other fuels' besides owner occupied housing costs, also prices of actual rentals increased by 5.9%, materials and services for maintenance and repair of the dwelling by 20.8%, water supply by 5.3%, sewage collection by 6.4%, natural gas by 140.2%, solid fuels by 66.4% and heat and hot water by 28.8%. Prices of electricity decreased by 21.2%. Next in order of influence were prices in 'restaurants and hotels', where prices of catering services increased by 26.1% and accommodation services by 21.3%.

Owner occupied housing costs (imputed rentals) were higher by 10.9% (increase by 11.9% in November) mainly due to the growth of prices of construction materials and also prices of construction works. The overall consumer price index excluding owner occupied housing costs was 116.4%, year-on-year. (More information: Methodological note.)

Prices of goods in total and services went up (17.8% and 12.5%, respectively).
 

Average inflation rate

“Average inflation rate for 2022 was 15.1%. It was the second highest value from establishment of the independent Czech Republic. It was higher only in 1993, at 20.8%. Prices of goods in total in 2022 rose by 16.8% and prices of services by 12.3%,“ noted Pavla Sediva, head of Consumer Price Statistics Unit of CZSO.

(A summary of the development of the consumer price index in 2022 is a part of the Q4 analysis, which is released at the same time.)
 

Harmonized index of consumer prices (HICP) ²⁾

According to preliminary calculations, the month-on-month change of HICP in Czechia in December was 0.0% and 16.8% (17.2% in November), year-on-year. According to flash estimates of Eurostat, the MUICP (Monetary Union Index of Consumer Prices) in December 2022 amounted to 9.2% year-on-year (10.1% in November), 15.0% in Slovakia and 9.6% in Germany. It was the highest in Latvia in December (20.7%). 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 11.1% in November (0.4 percentage points down on October). In November, the rise in prices was the highest in Hungary (23.1%) and the lowest in Spain (6.7%).

(More information on the Eurostat’s web pages: HICP.)
 

* * *
 

Starting from April 2022, data classified by basic and detailed breakdown according to ECOICOP classification and consumer prices of selected goods and services are published in Public database at the same time as News release.

____________________

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.

Responsible manager of the CZSO: Jiri Mrazek, Director of Price Statistics Department, phone (+420) 274052533, email: jiri.mrazek@csu.gov.cz
Contact: Pavla Sediva, Head of the Consumer Price Statistics Unit, phone (+420) 274052138, email: pavla.sediva@csu.gov.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://csu.gov.cz/inflation-consumer-prices
Next News Release: 10 February 2023

Text not edited for language