Consumer price indices - inflation - February 2004
Price level moderately up month-on-month
Publication Date: 08. 03. 2004
Product Code: r-7101-04
The month-on-month rise (+0.2%) in consumer prices was influenced primarily by price increases in ‘recreation and culture’ and with respect to the weight in the consumer basket also by the rise in prices of dwelling. The price rise in ‘recreation and culture’ was mainly due to an increase in prices of the domestic recreational stays (+6.3%) and recreational stays abroad (+2.4%). In ‘housing, water, electricity, gas and other fuels’, the cost of housing in cooperative dwellings and owner-occupied dwellings went moderately up; prices of services relating to dwelling and prices of domestic heating increased slightly, too. In ‘miscellaneous goods and services’ particularly charges for services in the retirement homes for elderly persons and prices of services of hairdressing salons and beauty shops increased (+2.3% and +1.3%, respectively). The drop in consumer prices was influenced by the decrease in prices in ‘food and non-alcoholic beverages’, ‘clothing and footwear’, and ‘communications’. Prices in ‘food and non-alcoholic beverages’ were rising for five months, but fell in February (-0.3%). The drop in prices of fresh vegetables and fruit (-4.1% and –2.3%, respectively) caused this development, although these prices were increasing in the previous months. The decrease in prices of pork continued the forth month and reached -3.9% in February. On the other hand, prices of bread and cereals went +0.3% up (of which prices of flour and rice increased +1.2% and +1.5%, respectively), milk (+1.2%), cocoa (+1.1%), coffee (+0.8%), mineral and table waters +0.6%. In ‘clothing and footwear’ almost all kinds of goods became cheaper, particularly winter clothing and footwear. In ‘communications’ fee for installation of residential telephone went down. In total, prices of goods went (-0.1%) down, while prices of services went (+0.6%) up.
In terms of year-on-year comparison, consumer prices level was 2.3% higher in February 2004 to February 2003 (the same as January 2004 to January 2003). In most consumer basket divisions the y-o-y growth rates remained the same as in January. The slowdown of the y-o-y growth was mainly seen in ‘transport’ due to the drop in prices of automotive fuel (-1.9% from the increase +0.9% in January). The slowdown in growth was recorded for prices of the public telecommunication services due to the reduction of the fee for installation of residential telephone. Moderate acceleration of price increase was seen in ‘education’ and in ‘miscellaneous goods and services’. Prices of food and of dwelling remained the main factors of the y-o-y increase. Compared with February 2003, particularly prices of bread (+9.0%), rolls and bagels (+31.3%), flour (+11.4%), poultry (+8.6%), eggs (+37.9%), butter (+13.2%), potatoes (+68.0%) were higher. In ‘housing, water, electricity, gas and other fuels’ prices of water supply (+4.6%), sewerage collection (+6.5%), refuse collection (+6,2%), electricity (+3.5%), natural gas (+7.9%) went up. 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 +1.3% and prices of services +3.9%.
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 0.5% in February.
According to preliminary data, the average harmonized index of consumer prices (HICP) in the EU Member States in January 2004 reached 1.8% year-on-year (the same as in December), of which the lowest increase (+0.8%) was in Finland and the fastest price increase was in Greece (+3.1%). Most of the EU Member States observed a slowdown (by 0.1 to 0.4 percentage points); the highest slowdown was reported for Ireland and Sweden (by 0.6 percentage points and 0.5 percentage points, respectively). Y-o-y growth rate acceleration was reported for Germany and Great Britain (+1.3% and +1.4%, respectively). Among the Acceding Countries, a slowdown in year-on-year increase in HICP was recorded in Cyprus, Estonia, Slovenia and the Slovak Republic. The y-o-y increase in HICP rose to 2.0% in the Czech Republic (up 1.0% to December 2003). Similarly, price growth accelerated in Hungary by 1.1 percentage points in January (from 5.6% in December to 6.7% in January). According to a flash estimate, the y-o-y HICP for the Euro-zone in February 2004 was 1.6%.
Note
Contact: Marie Huskova, phone (+420) 266107779, 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 the reference month
Related publications: 7101-04 Consumer Price Indices – Basic Information7103-04 Consumer Price Indices – Detailed information
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