Czech Republic’s Inflation Exceeds Russia’s: Economist Lukáš Kovanda Compares

Economist Lukáš Kovanda devoted himself to inflation on his Twitter account, specifically a comparison of Russian inflation and our inflation. Inflation in the Czech Republic currently exceeds inflation in Russia – and Russian inflation has always been famous for its height.

“Of the twenty most important/largest economies in the world (G20), China, Russia and Saudi Arabia currently have the lowest year-on-year inflation, according to Bloomberg data. The order is as follows: 1. China – inflation 0.1% 2. Russia – inflation 2.3% 3. Saudi Arabia – inflation 2.7%,” noted Kovanda.

Of the twenty most important/largest economies in the world (G20), China, Russia and Saudi Arabia currently have the lowest year-on-year inflation, according to Bloomberg data. The order is as follows:
1. China – inflation 0.1%
2. Russia – inflation 2.3%
3. Saudi Arabia – inflation 2.7% pic.twitter.com/6KJX9OfmuD

— Lukáš Kovanda (@LukasKovanda) June 3, 2023

“Inflation in the Czech Republic currently exceeds inflation in Russia to a historically unprecedented extent,” adds Kovanda.

Inflation in the Czech Republic currently exceeds inflation in Russia to a historically unprecedented extent. pic.twitter.com/vl6qIFXrA6

— Lukáš Kovanda (@LukasKovanda) June 3, 2023

“The difference between inflation in the Czech Republic and inflation in Russia is now the highest in this millennium. After 2000, the Czech Republic rarely had higher inflation than Russia. And if so, then only very slightly and for a short transitional period. But that has changed fundamentally in the last twelve months. Of course, the comparability of both time series is problematic, for example, for another reason, the different methodology of securing. And the very credibility of Russian data is problematic. On the other hand, ‘know your enemy’ applies. We can lie to ourselves that the Russian data is fundamentally falsified. But are we sure? If this is not the case, we miss a fundamental explanation, for example, why Putin still has such broad support of the Russian population; simply because he may not be doing as badly economically as we are led to believe. However, if we apologize for it, our estimate of further economic and our social development in Russia also deteriorates, which weakens the position in the mutual confrontation. Because we didn’t ‘know our enemy’ well enough,” added Kovanda.

The difference between inflation in the Czech Republic and inflation in Russia is now the highest in this millennium. After 2000, the Czech Republic rarely had higher inflation than Russia. And if so, then only very slightly and for a short transitional period. But that has changed fundamentally in the last twelve months.

Of course,… pic.twitter.com/Ty9iaU5Oyf

— Lukáš Kovanda (@LukasKovanda) June 3, 2023

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