Consumer price growth accelerated by 2.2 percent in May year-on year,
according to data released by the Czech Statistics Office.
The growth was driven by higher prices of food products and fuel, predominantly meat, fruits and vegetables.
The price of telecommunication services and clothes dropped year-on-year. Inflation has been growing for the second month in a row.
The number of Czechs using internet banking has steeply increased over the past ten years. While in 2008, only about 12 percent of Czechs made their payments via the internet, last year it was 57 percent, the Czech News Agency reported on Wednesday, citing data released by the European Statistical Office, Eurostat.
Unemployment in the Czech Republic hit a new low in May, dropping to 3
percent from 3.2 in April, the main Labour Office reported on Friday.
The year-on-year decline is even steeper, down from 4.1 percent. At the end of the month labour offices reported 230,000 unemployed, the lowest number since June 1997.
The unemployment rate has been dropping steadily since February and labour market experts say the trend is likely to continue.
According to the news site ihned.cz, the Czech National Bank is about to tighten lending policies on mortgages. According to the news site, a number of Czech banks confirmed that they expect new regulations from the central bank next week, which would lower the ceiling on mortgages available depending on income.
Czech Minister of Agriculture Jiří Milek has called on the Czech
competition office to investigate supermarket sales of milk for just one
crown a litre. It’s the first time that the ministry has called on the
competition office to intervene against suspected price dumping.
Minister Milek announce to the move during a questions session at the lower house of parliament. He said the one crown a litre offer had been made by Kaufland, the country’s biggest supermarket chain, as part of a wider promotional offer.
Milek said he had also asked other authorities to investigate the case saying that it also raised questions about raising value added tax.
In its first draft of the 2019 state budget the Finance Ministry envisages
a deficit of 50 billion crowns, the ctk news agency reported Friday.
The budgetary priorities are increased pensions, higher wages for teachers and higher investments. Deficits of roughly that amount are expected until the year 2021.
All ministries have been promised more funds for next year, with the biggest increase being to the budget of the Ministry of Labour and Social Affairs.
Opposition parties have criticized the size of the deficit at a time of economic growth.
The Czech economy growth slowed to 4.4 percent year on year in the first
quarter of this year, according to revised figures published on Friday.
Provisional calculations had put the gross domestic product expansion in
the January to April period at 4.5 percent. Growth in the last quarter of
2017 stood at 5.5 percent.
The positive growth rate in the first three months of 2018 was due to accelerated investment expenditures supported by continued growth in domestic consumption, the Czech Statistics Office said.
The Czech government has moved to address one of the frequent woes of foreign tourists in the Czech Republic –losing money in a disadvantageous exchange rate transaction. Under the approved amendment to the Foreign Exchange Act, multiple exchange rates will no longer be allowed and clients will be able to withdraw from a disadvantageous transaction within two hours of making it.
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