Czech consumer prices rose 2.1% year-over-year in November, the slowest pace since April and down from October’s 2.5%, as confirmed by the Czech Statistical Office. Food prices drove the slowdown, with fruits dropping 6.6%, butter plunging 17.7%, and pork easing nearly 3%. Month-over-month, prices dipped 0.3%, offering some relief amid ongoing economic pressures.​

Food Prices Lead the Decline

Pavlína Šedivá from the statistics office highlighted foods’ outsized role, tempering their annual growth to 2.2%—a full percentage point below October. Eggs saw inflation ease to 17.3% from 26.1%, while chocolate rose 11.6% versus over 18% prior. Beef and veal surged 25.1%, poultry 11.9%, coffee 23.8%, and cocoa 16.9%, but overall declines dominated.​

Housing Costs Push Upward

Housing exerted the strongest upward pull, with rental prices up 6.2%, water 4.2%, sewage 3.7%, and heat/hot water 1.6%. Electricity fell 5%, natural gas 8.5%, and solid fuels 2.5% year-over-year. Owner-occupied housing costs climbed 4.8%, fueled by rising new property prices.​

Services and Goods Diverge

Services inflated 4.6%, including 4.3% for dining, 6.8% for lodging, 7% for recreation/culture, and 3.3% for package holidays. Goods rose a modest 0.6%, with clothing down nearly 2% and shoes about 4%. Alcohol, wine, and tobacco also edged higher.​

Annual Trends and Outlook

Inflation last hit below 2.1% in April at 1.8%, peaking at 2.9% in June before easing. Creditas chief economist Petr Dufek predicts December stays mildly above 2%, averaging 2.5% for 2025—barely over last year. Next year looks brighter with energy price drops and renewable levies shifting to the state budget, easing the Czech National Bank’s 2% target.​

Trade Prices Tumble

Export prices fell 3.6% and imports 4.5% year-over-year in October, with no monthly export change and a 0.4% import dip. Oil and gas import prices crashed over 20%, noted ČSÚ’s Vladimír Klimeš