Inflation Slows Down in the EU, but Rises in the Czech Republic

The inflation rate across the European Union decreased to 2.1 percent in September, down from 2.4 percent in August, according to a report released by the Eurostat statistical office.

In contrast, inflation in the Czech Republic has increased, rising from 2.4 percent in August to 2.8 percent. It’s important to note that Eurostat utilizes a calculation methodology that is harmonized with EU standards, which differs from the approach taken by the Czech Statistical Office (ČSÚ).

In the Eurozone, the inflation rate fell to 1.7 percent in September from 2.2 percent in August. This revised figure is lower than the initial estimate of 1.8 percent for September inflation in euro-using countries.

Last September, the inflation rates were significantly higher: 4.9 percent in the EU and 4.3 percent in the Eurozone, while the Czech Republic recorded an inflation rate of 8.3 percent.

Ireland reported the lowest inflation rate this September, registering at zero percent. Following closely were Lithuania with 0.4 percent, and both Slovenia and Italy at 0.7 percent. On the other hand, Romania faced the highest inflation rate at 4.8 percent, trailed by Belgium at 4.3 percent and Poland at 4.2 percent.

When compared to August, annual inflation decreased in twenty EU countries, increased in five, and remained unchanged in two.

In September, services were the primary contributor to annual inflation in the Eurozone, accounting for 1.76 percentage points. This was followed by the categories of food, alcohol, and tobacco, which contributed 0.47 percentage points, and non-energy industrial goods at 0.12 points. In contrast, the energy sector helped to moderate price increases, contributing negatively at -0.60 percentage points.

According to the CZSO methodology, the September inflation rate in the Czech Republic was recorded at 2.6 percent, an increase from the August figure of 2.2 percent. The office attributes this rise mainly to higher prices for food and fuel.

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