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Inflation comes in slightly above the CNB’s 2% target in August 2024
The CNB comments on the August 2024 inflation figures
According to figures released today, the price level increased by 2.2% year on year in August 2024. Annual consumer price inflation was unchanged compared to the previous month, and thus remains very close to the CNB’s 2% target.
Annual inflation was 0.4 percentage point higher in August than the CNB’s summer forecast. This was due to stronger growth in prices of food, beverages and tobacco and, to a lesser extent, slightly higher growth in administered prices. Core inflation was also slightly higher than expected. Conversely, fuel prices fell more strongly than forecasted.
Core inflation is being driven by wage growth in the domestic economy, which is affecting services prices in particular. By contrast, the previous protracted decline in domestic demand, driven by the CNB’s tight monetary policy, is dampening core inflation. This is fostering a decrease in the profit mark-ups of producers, retailers and service providers over their costs, partly offsetting the effect of rising wage costs on services prices. Goods prices within core inflation are rising only marginally year on year. The recent property market recovery has been reflected in faster growth in imputed rent.
Prices of food, beverages and tobacco rose year on year, driven by prices of alcohol and cigarettes. Food prices continued to show a modest year-on-year decline due to the previous decrease in global agricultural commodity prices and domestic agricultural producer prices. The year-on-year decline in fuel prices was due to the continued fall in oil prices on world markets and the appreciation of the koruna in August. Annual administered price inflation continued to slow in August owing to a gradual decrease in energy prices for households.
The price level increased by 0.3% in August compared to the previous month. According to the CNB’s summer forecast, inflation will be close to the central bank’s 2% target in the rest of this year and the subsequent two years.
Petr Král, Executive Director, Monetary Department