In the euro area, year-on-year consumer price inflation accelerated from 1.3 percent in March to 1.6 percent. The European Central Bank (ECB) aims to keep price growth below two percent.
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Of the 27 Member States, prices are rising fastest in Hungary by 5.2 percent. This is followed by neighboring Poland with inflation of 5.1 percent and Luxembourg with year-on-year price growth of 3.3 percent.
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Czech inflation is the fourth highest
In the Czech Republic, inflation reached 3.1 percent, making it the fourth highest in the EU. The Czech National Bank (CNB) has been targeting 2% inflation since December 2005, but has a so-called tolerance band between one and three percent.
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“Inflation has returned above the upper limit of the CNB’s tolerance band, and is even above the central bank’s forecast. At the same time, it is likely that it will continue to stay close to the top three, ”said ČSOB analyst Petr Dufek.
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“Even the central bank has basically no chance to do anything with this year’s inflation, and it will therefore focus on meeting its target in 2022, which is not yet endangered,” he added.
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Deflation in Greece and Portugal
The term inflation refers to the growth of the price level. If the price level falls, we talk about deflation. This phenomenon is currently observed by statistics in two EU countries. In Portugal, prices fell by 0.1 percent year on year and in Greece by 0.1 percent.
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Inflation is very low in Malta, where year-on-year consumer price inflation reached 0.1 percent in April.
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