Consumer prices rose by 17.5 percent in January

January saw year-on-year consumer prices rise by 17.5 percent, according to data published by the Czech Statistics Agency on Friday. In December, the figure lay at 15.8 percent. The rise is being explained by the end of the government savings tariff subsidies for energy, which ran until the end of last year and had a positive effect on energy rates for households. Heating, water and food costs have also risen.

The Czech National Bank, as well as analysts quoted by Czech Television, think that inflation peaked in January and is likely to begin falling in the coming months, going below 10 percent in the second half of 2023.