Dec 19, 2023

Czech Republic Leads EU with Highest Inflation in November

Czechia has the highest inflation rate in the entire European Union according to the latest report from the EU’s statistical office Eurostat.

Prices in the Czech Republic climbed by 8 percent year-on-year, while the average EU inflation rate fell by 0.5 percent in November to 3.1 percent, the lowest it has been in around two years.

In the Eurozone countries, inflation fell by 0.5 percent in November to 2.4 percent.

However, the Czech Republic stands out with the highest inflation rate in the EU, witnessing an 8 percent year-on-year surge. In contrast, Belgium is already grappling with deflation, experiencing a 0.8 percent decrease in prices year-on-year.

Within the euro area countries, November also witnessed a 2.4 percent inflation rate, confirming Eurostat’s initial estimate. Notably, EU-wide inflation is not factored into this estimate.

Comparatively, a year ago, the inflation rate in the euro area was 10.1 percent, rising to 11.1 percent across the entire Union.

The Czech Republic’s inflation surpasses that of other countries, such as Hungary, which historically held the highest inflation in the EU. Hungary now records a 7.7 percent inflation rate.

In Poland, the inflation rate remained stable at 6.3 percent in October, while Slovakia experienced a decrease to 6.9 percent.

In November of the previous year, inflation in the Czech Republic reached 17.2 percent, Hungary at 23.1 percent, Slovakia at 15.1 percent, and Poland at 16.1 percent.

Following Belgium, the EU country with the lowest inflation rate was Denmark, standing at three-tenths of a percent. Italy claimed the third position, experiencing a modest 0.6 percent year-on-year price increase.

Conversely, Hungary ranked as the second-worst country after the Czech Republic, with Slovakia and Romania sharing the third spot, both at 6.9 percent.

In comparison to October, inflation rates in 21 out of the 27 Member States eased, remained unchanged in three, and increased in three.

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