Czech consumer prices increased at the fastest pace in seven months during May, figures from the Czech Statistical office showed Tuesday.
The consumer price index increased 0.7 percent year-on-year in May, faster than 0.5 percent rise in the previous month. Economists had expected prices to rise 0.6 percent.It was the highest rate of growth since October 2014, when prices was up 0.7 percent.
Prices of recreation and culture rose 1 percent in May, faster than 0.7 percent in April. Price growth in restaurants and hotels quickened to 1.7 percent from 1.5 percent and that of utilities quickened to 1.2 percent from 1.1 percent.
Meanwhile, prices of food and non-alcoholic beverages declined 0.3 percent, slower than April’s 0.7 percent fall. A drop in transport costs slowed to 3.1 percent from 3.8 percent due to fuel prices.
On a monthly basis, consumer prices rose 0.3 percent in May. Economists had forecast prices to rise 0.1 percent during the month.
The monthly growth was due to increase in prices of transport, food and non-alcoholic beverages, alcoholic beverages and tobacco in particular.
The material has been provided by InstaForex Company – www.instaforex.com