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Inflation decreases to 2.7% in February 2025
The CNB comments on the February 2025 inflation figures
Inflation fell to 2.7% in February, down from 2.8% in January, thus confirming the flash estimate of consumer prices published by the Czech Statistical Office last week. The slowdown in inflation was due to a deepening year-on-year decline in fuel prices, but also slower growth in food, beverage and tobacco prices. In month-on-month terms, food prices even declined in February, which largely offset their surprisingly high January growth.
Core inflation was 2.5% in February, the same as in January. Within core inflation, prices of goods rose by 0.2% and prices of services by 4.2%. Accommodation and food services prices contributed to the growth in market services prices. The contribution of the cost of owner-occupied housing (imputed rent) has also been increasing for several months now due to growth in new property prices.
Inertia in services inflation continues to pose a risk to the stabilisation of inflation close to the target and confirms that the cautious approach to easing monetary policy is appropriate.
Jakub Matějů, Deputy Executive Director in charge of the Monetary Department