The average inflation rate of Czechia was forecast to reach 16.3 percent in 2022. This would mean an increase of 12.5 percent compared to the previous year. However, inflation was forecast to decrease continuously between 2022 and 2027 by 14.3 percentage points. The average inflation rate is estimated to amount to two percent in 2027. This indicator measures inflation based on the year-on-year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.
Food inflation
The high inflation rate increase in 2022 was partly due to the economic and energy crisis accompanied by the war in Ukraine. Food was one of the sectors hit the most by the sudden price increase in Czechia, with inflation rising to as high as 26 percent. That is over eight percentage points more than the food inflation peak in the European Union at that time. The food prices were higher than in Poland, which became a shopping destination for many Czechs, and, in some cases, they even topped the grocery prices in Germany.
In 2022, the inflation rate of housing, water, energy, and fuel has risen even faster than that of food. So did transportation prices which, however, started decreasing significantly in the second half of 2022 already. With the combination of high housing, water, energy, and fuel prices and increased food inflation, restaurants' prices peaked that year. Due to this economic development, most people had a savings account or private pension insurance set up as anti-inflationary instruments by the end of 2022.
Czechia: Inflation rate from 1997 to 2028
(compared to the previous year)
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IMF. (October 5, 2023). Czechia: Inflation rate from 1997 to 2028 (compared to the previous year) [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/369876/inflation-rate-in-czechia/
IMF. "Czechia: Inflation rate from 1997 to 2028 (compared to the previous year)." Chart. October 5, 2023. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/369876/inflation-rate-in-czechia/
IMF. (2023). Czechia: Inflation rate from 1997 to 2028 (compared to the previous year). Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/369876/inflation-rate-in-czechia/
IMF. "Czechia: Inflation Rate from 1997 to 2028 (Compared to The Previous Year)." Statista, Statista Inc., 5 Oct 2023, https://www.statista.com/statistics/369876/inflation-rate-in-czechia/
IMF, Czechia: Inflation rate from 1997 to 2028 (compared to the previous year) Statista, https://www.statista.com/statistics/369876/inflation-rate-in-czechia/ (last visited July 27, 2024)
Czechia: Inflation rate from 1997 to 2028 (compared to the previous year) [Graph], IMF, October 5, 2023. [Online]. Available: https://www.statista.com/statistics/369876/inflation-rate-in-czechia/