The Czech Republic witnessed a continued rise in industrial producer price inflation, marking the third consecutive month of growth in December. This escalation, primarily driven by increased energy costs, propelled the inflation to its highest point in nineteen months, according to data released by the Czech Statistical Office on Friday.
In December, the industrial producer price index recorded a 2.8% year-on-year increase, surpassing November's 1.7% rise and exceeding the anticipated 2.4% growth. This rate of inflation has not been seen since May 2023, when prices surged by 3.6%.
Breaking down by sector, energy prices experienced the most significant hike, rising by 6.1% compared to the previous year. Prices for capital goods increased by 3.0%, while non-durable consumer goods saw a 1.8% increase.
When energy is excluded from the calculation, industrial producer price inflation stood at 1.5%, up slightly from 1.4% in November.
On a monthly scale, producer prices rose by 0.6% in December. For the entirety of 2024, the average annual producer price inflation was reported to be 0.8%.
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