Czech Inflation Slows in November According to Early Estimate

An early estimate from the Czech Statistical Office indicates that annual inflation in the Czech Republic eased in November, marking one of the lowest readings seen this year. Consumer prices were estimated to be 2.1% higher than a year earlier, compared with 2.5% in October. On a monthly basis, prices declined slightly.

The moderation in overall price growth was driven largely by cheaper energy compared with last year, as well as a softer rise in food prices. Preliminary data suggest energy costs fell year-on-year, helping offset still-elevated prices in categories such as services.

Food, alcohol and tobacco were estimated to have risen at a slower pace than in previous months, while the cost of goods increased only marginally. Service-related prices continued to grow at rates similar to earlier in the autumn.

If the estimate is confirmed in mid-December when the full data set is published, November would represent the smallest annual rise in consumer prices since the spring. Inflation peaked in June before gradually easing in subsequent months.

Analysts noted that the latest figures reflect weaker price pressures in volatile components, while underlying forces — particularly in services — remain firm. Most expect the Czech National Bank to maintain its current monetary policy stance at the December meeting, pointing to the need to assess longer-term trends rather than month-to-month swings.

Some economists highlighted that upcoming discount campaigns in December may temporarily influence price movements, but said they do not expect these effects to disrupt the broader path of inflation heading into early next year.