In October 2024, consumer prices in the Czech Republic rose by 0.3% compared to the previous month. This rise was largely driven by increased housing costs. On an annual basis, prices went up by 2.8%, marking a slight increase of 0.2 percentage points compared to September. These figures come from the latest data released by the Czech Statistical Office (ČSÚ).
Housing was a major factor in October’s price increase, especially with higher prices for solid fuels (+1.7%), rents (+0.4%), and home maintenance products and services (+0.4%). Food also saw notable price rises: fruit increased by 5.9%, eggs by 15.5%, bakery and cereal products by 0.6%, and butter by 3.5%. Meanwhile, prices for long-life milk fell by 15.0%, meat by 1.1%, vegetables by 1.5%, and sugar by 11.3%. In the clothing and footwear sector, both clothing (+0.8%) and shoes (+1.2%) became more expensive.
Overall, goods prices rose by 0.2%, while service costs saw a more significant rise of 0.5%.
“Despite the general increase in October, price growth was curbed by falling fuel prices. Diesel and petrol prices continued to drop, with October prices reaching CZK 34.20 per litre for diesel and CZK 35.60 per litre for petrol, the lowest level in months. This trend helped to keep overall inflation in check,” explained Pavla Šedivá, Head of Consumer Price Statistics at the Czech Statistical Office.
On a year-on-year basis, consumer prices in October were up by 2.8%. The energy sector contributed significantly to this rise, with electricity prices climbing by 10.5% and heating and hot water prices increasing by 8.3%. In contrast, gas prices decreased by 2.3%. There were further increases in the hospitality sector, with restaurant service prices up by 6.9% and accommodation services by 9.0%.
The highest annual price increases were observed in the housing sector, including rent (+6.2%), home maintenance costs (+4.2%), water charges (+10.9%), and sewage fees (+13.4%). Conversely, fuel and oil prices dropped by 11.4% year-on-year, helping to offset overall inflation.
