Inflation in the Czech Republic continues to rise. Consumer prices rose 1.6 percent month-on-month in June. On an annual basis, prices rose by 17.2 percent. That was the highest since December 1993, when inflation was 18.2 percent.
The price increase was particularly noticeable for gas and electricity and for foodstuffs such as poultry, sausage, cheese and yoghurt, cooking oil and fats and potatoes. Package prices rose by 15.4 percent from 2021, according to the national statistical body CSU in Prague.
The EU member state Czechia has its own currency, the krone. To curb high inflation, the Czech National Bank is pursuing a relatively tight monetary policy. The key rate recently rose to seven percent – the highest level since 1999.
National Bank’s new president Ales Michl named lowering inflation one of his priorities in a statement when he took office in early July. He was previously considered an opponent of repeated rate hikes.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
