Inflation increased to 2.6%, which was the third highest value since the beginning of the year

Food prices rose again slightly month-on-month, especially of meat, oils and bread. Due to the holiday season also the prices non-alcoholic beverages rose, as well as of holiday packages, fuel and entrance fees to swimming pools. The overall year-on-year inflation was affected by higher prices in all 12 divisions, ranging from 0.4% for housing and energy to 10% in education. The prices of food and non-alcoholic beverages were higher by 1.5% year-on-year.

Consumer prices of goods and services rose by an average of 0.3% month-on-month in July, which meant that price growth slightly accelerated after two months of stability. Inflation, i.e. year-on-year price growth, rose to 2.6% after ranging around 2% for the previous four months.

Download high resolution chart format PDF (110 kB) or PNG (243 kB).

Month-on-month development - July 2024 compared to June 2024

In July, average consumer prices of goods and services increased by 0.3% month-on-month. Prices rose in 8 out of a total of 12 divisions (main expenditure groups), ranging from 0.1 in housing and energy to 1.8% in case of prices in communications.

The month-on-month growth of average prices was mainly affected by the prices of food and non-alcoholic beverages¹⁾, mainly due to their importance in household expenses. Compared to June, they increased by an average of 0.3%, with both food and non-alcoholic beverages recording a month-on-month increase. Average food prices increased by 0.2% compared to June, this result was mainly due to the increase in the price of meat, oils and fats, but also bread and cereals. Prices rose in 4 out of 9 monitored food items. On the contrary, the seasonal price drop of vegetables and fruits, as well as lower prices of milk, cheese and eggs, had a more significant dampening effect on price growth.

The period of summer holidays also brought significant price increases in the field of recreation and culture and also in the field of transport, both at an average level of 0.8%. In particular, the prices of package holidays and entrance fees to swimming pools (holiday services) as well as fuel have increased. Communications and postal charges also rose more significantly in July, which increased the prices in the communications by 1.8% month-on-month. Compared to the previous month, the financial services of banks and post offices were also higher (3.7%) in the field of miscellaneous goods and services.

The prices of apparel and footwear (by 0.7%) affected by seasonal sales also decreased, as well as alcoholic beverages by 0.3%, but also furniture and household maintenance (by 0.1%).

Year-on-year price development in July 2024 compared to July 2023

Year-on-year inflation reached a growth level of 2.6% in July. Year-on-year prices were higher in all 12 divisions (household expenditure groups). The year-on-year higher prices in the division of food and non-alcoholic beverages (by 1.5%) had the most significant impact on the growth of the total value of inflation. In total, 7 out of 9 groups of goods were sold at higher prices than a year ago, most of them up to 5%. Inflation was the most influenced by the higher prices of bread and cereals (by 4.9%), but also oils and fats (11.2%), as well as sugar and confectionery. On the contrary, fruit was cheaper than a year ago, and at the same time milk, cheese and eggs.

The price increase in the field of recreation and culture (by 3.1%) had a negative impact on the overall rate of inflation, mainly influenced by the higher prices of holiday tours and entrance fees to swimming pools. The growth of inflation was also affected by a year-on-year more expensive financial services of post offices and banks in the field of miscellaneous goods and services (by 4%). In July, as in previous months, year-on-year more expensive goods and services in the division of health (7.4%) as well as in the alcohol and tobacco division (5.1%) also affected the result.

In the field of housing and energy, which together with food and non-alcoholic beverages make up the most important components of household expenses, prices were higher than a year ago by only 0.4%.

In total, for the first seven months of 2024, consumer prices increased by 2.6% year-on-year

Development of core and net inflation

In July, the total year-on-year inflation rate was 2.6%, core inflation reached 2.1% and net inflation reached 2.4%. Month-on-month both core and net inflation reached 0.3%.

Core inflation was affected by the price level growth after excluding the impact of changes in regulated prices (e.g. energy prices) and other administrative measures (e.g. tax adjustments, etc.). Net inflation is core inflation without changes in food prices.