In November, inflation reached 6.2%, decreasing by one percentage point per month on average

In a year-on-year comparison, the slowdown in price growth was evident in almost all 12 main items of the consumer basket. This also applied to food and non-alcoholic beverages, as well as to housing and energy, which are the most significant in terms of household expenses. Compared to October, the prices of selected types of food and newspapers and magazines increased slightly, and the prices of fuel became lower.

Year-on-year inflation continued to slow down for the ninth month, consumer prices were higher by 6.2% in November than a year ago. Until the summer of this year, inflation exceeded the level of 10%. In recent years, price growth has slowed down by an average of one percentage point every month. In a month-on-month comparison, consumer prices of goods and services rose again only slightly, by 0.2%.

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Monthly development – November 2023 compared to October 2023

The development of month-on-month inflation in November was influenced by the increase in the price of goods and services in 7 of the 12 main monitored divisions (household expenditure groups), but mainly in the divisions of food and non-alcoholic beverages, and recreation and culture. Prices in the remaining divisions remained unchanged or dropped on average. There was a price reduction in transportation (by 1%) due to the drop in fuel prices and also in the field of communications (by 0.7%), where the prices of communication services decreased.

The biggest impact on the month-on-month development was the increase in the price of food by a total of 0.8%. Prices rose in 6 out of 9 monitored food items, in terms of weight, the biggest impact on households was the increase in the prices of bread and cereals by 1.3%, milk, cheese and eggs by 0.3% (milk, eggs, cream) and vegetables by 7 %. A slight increase in prices was also recorded in oils and fats, and sugar and confectionery. Compared to October, meat prices dropped by 0.8% and fruit by 0.5%.

The second most significant influence on the month-on-month change in prices was the increase in the price of newspapers, books and stationery from the field of recreation and culture. Prices rose most dynamically for newspapers and magazines, including subscriptions to online periodicals.

In November compared to October, the consumer price index increased both in the households of employees and in the households of pensioners by 0.2%, and in low-income households by 0.1%.

Year-on-year development – November 2023 compared to November 2022

The total inflation, thus price growth in a year-on-year comparison slowed down for the ninth consecutive month, currently reaching 6.2% in November. Price growth was reflected in 11 divisions (household expenditure groups), three of them, i.e. education, restaurants and hotels, and healthcare - still recorded a double-digit growth. On the contrary, consumers paid less for fuels than a year ago, which caused a year-on-year price decrease of 0.2% in the transport division.

However, prices of food and non-alcoholic beverages continued to have the greatest impact on the total inflation. These, together with housing and energy, represent the two most important items in household expenditures.

Food prices increased by 7.6% year-on-year, the increasing rate of their prices slowed down for the eighth consecutive month. Currently, this slowdown was reflected in 6 out of 9 food components in November. 4 items, bread and cereals, vegetables, sugar and confectionery, and spices and snacks, still recorded double-digit higher prices than a year ago. On the contrary, consumers paid by 7.8% less for oils and fats.

In the division of housing and energy, a year-on-year growth decreased to 5.2%, which is the lowest value since the end of 2021. The most important component of housing has been slowing down year-on-year growth every month since February, currently in November prices of this item were higher by 8%. This was influenced by the slowdown in a rise of prices for solid fuels and heat energy.

The only division in which a year-on-year price drop was recorded was transportation (by 0.2%), mainly due to the continued reduction in fuel prices, which were lower by 7.5% in November than a year ago.

In November 2023, the consumer price index increased year-on-year in households of employees by 6.3%, in low-income households by 6.4% and in households of pensioners by 6%.

In total, for the eleven months of 2023, consumer prices increased year-on-year by 11% (in households of employees by 10.9%, in low-income households by 11.6% and in households of pensioners by 11.4%).

Development of core and net inflation

In November, the total year-on-year inflation rate was 6.2%, core inflation reached 6.6% and net inflation reached 6.3%. Month-on-month core inflation reached a value of 0.2% and net inflation remained at the October's level.

Core inflation is affected by 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.