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12 Oct, 2022 05:17

Price rises in EU state break records

Skyrocketing inflation has hit the Czech Republic triggering mass protests over the cost of living crisis
Price rises in EU state break records

Inflation in the Czech Republic spiraled to a three-decade high in September on energy and fuel costs, the country’s statistics service reported on Tuesday. Year-on-year consumer prices climbed to 18.0% last month, up from 17.2% in August.

“This acceleration was the most influenced by items in housing, mainly by prices of energy and fuels, which were higher by almost 50%, year-on-year,” head of Consumer Price Statistics Unit of CZSO, Pavla Sediva noted.

According to the statement, in September alone, consumer prices in retail stores surged by an average of almost 1%. During the current year, the rise in basic foodstuffs exceeded the overall inflation rate. The cost of wheat flour increased by almost 70% year-on-year, oils and fats - by more than 50%, milk and sugar - by about 50%.

On Saturday a mass rally took place on Prague’s Wenceslas Square, thousands of people gathered to protest against rising prices, falling living standards and insufficient government measures in the current crisis.

Europe is struggling to cope with an ongoing energy crunch, partly caused by the EU’s campaign to phase out Russian energy exports.

Gas prices surged after Russia launched its military operation in Ukraine in late February. The EU and other Western countries imposed sweeping sanctions on Moscow and began cutting off Russian energy supplies. Gas prices then hit record levels, leading to a rise in overall inflation.

For more stories on economy & finance visit RT's business section

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