Inflation in Czech Republic hits 18 pct in September

PRAGUE, Oct. 11 (Xinhua) -- Inflation in the Czech Republic rose by 18 percent year-on-year in September, according to official statistics published by the country's Statistical Office (CSU) on Tuesday.

It was the highest year-on-year rate since December 1993, according to local media.

The CSU said that the rise was mainly driven by higher prices in the housing sector, particularly the massive increase in the price of utilities. Electricity increased by 37.8 percent year-on-year, natural gas by 85.9 percent and solid fuels by 55.8 percent. Food prices were also a significant factor.

"Year-on-year price growth accelerated again in September and reached 18 percent. Items from the housing sector contributed the most to this acceleration, especially energy and fuel prices, which were almost 50 percent higher year-on-year," said Pavla Sediva, head of the Consumer Price Statistics Department of the CSU.

In August, inflation in the Czech Republic had slowed down after 13 months to a year-on-year rate of 17.2 percent. In month-on-month terms, the increase in prices in September was 0.8 percent.

According to the Czech National Bank (CNB), the current rate should represent the peak of inflation, which should see a downward trend through next year, and decrease to a level close to its target of two percent by the first half of 2024.