Inflation rose above 3% in October and reached its third highest level since the beginning of the year

The more significant year-on-year but also month-on-month price increases were mainly influenced by rising prices of food and non-alcoholic beverages, as well as selected items such as water supply and sewerage from the divisions of housing and energy and miscellaneous services. Inflation at the year-on-year level was influenced by price increases in various items of of goods and services during 2024, the impact of which is reflected in each of the following 11 months.

Inflation rose to 3.1% in October. The year-on-year price increase was the third highest this year after January and February. Compared to September, price growth reached 0.7%, which was the highest month-on-month growth rate this year, it was the same as in January.

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Month-on-month development - October 2024 compared to September 2024

In October consumer prices rose month-on-month in 10 out of 12 divisions (household expenditure groups), increasing between 0.1% and 2.1% compared to September. The most significant increases were recorded in prices of food and non-alcoholic beverages¹⁾, with more dynamic increases recorded in all 9 monitored food items (categories). Prices of vegetables increased the most by 8.2%, oils and fats by 6.4% and fruit by almost 5%. Prices also increased month-on-month for other food items, such as milk, cheese and eggs or bread and cereals, but by a maximum of 1.4%.

Higher prices for water supply, sewage, maintenance and repair of dwellings in the division of housing and energy again had an impact on price increases. 

Prices of clothing and footwear, fuel, and food and beverage service activities also rose compared to September. The decreases was recorded in the divisions of alcoholic beverages and tobacco (mostly beer and wine) and the seasonal price reductions affected the accommodation services or package holidays.

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

Year-on-year inflation reached 3.1% in October. Prices rose in 11 out of 12 divisions (household expenditure groups), ranging from 0.8% in housing and energy to 9.8% in education. Only prices in transportation were lower than a year ago.

The most significant impact on the development of inflation was the price increase in the division of food and non-alcoholic beverages by 5%. In particular, we paid by 30.5% more for oils and fats, the most significant increase this year. Prices of vegetables also rose by 13.3%, fruit by 11.9% and soft drinks by 4.3%. Only meat prices dropped by 0.5%.

The total inflation is negatively affected by items whose prices rose in previous months and this effect persists throughout the following year, i.e. higher prices for education, alcoholic beverages, medical products and supplies, food services, personal care products and services, insurance, package holidays, furniture and furnishings, clothing and footwear, recreational and cultural services, newspapers, books and stationery.

Despite the month-on-month increase, fuel prices were still significantly lower year-on-year by 9.5% compared to the same period last year and had a positive impact on inflation. However, this effect was offset by a 16.5% increase in other items in the division of transportation, particularly in transport services.

Prices of audio equipment, information processing equipment and household appliances dropped year-on-year.

In total, for the first ten months of 2024, consumer prices increased by 2.7% year-on-year.

Development of core and net inflation

In October, the total year-on-year inflation rate was 3.1%, core inflation reached 0.7% and net inflation  reached 1.7%. Core inflation was 0.7% and net inflation was 0.3% month-on-month.

Core inflation was affected by a 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 excluding changes in food prices.