Diesel and petrol prices again drive inflation in September
The CNB comments on the September 2026 inflation figures
Annual inflation rose from 1.9% in August to 2.5% in September. The price level was unchanged from August.
The rise in annual inflation was due mainly to fuel prices, which reflect the ongoing conflict in the Middle East. Both global oil prices and refining costs remain elevated. Diesel and petrol prices therefore now contribute more than 1 percentage point to headline inflation. The government measures consisting in a reduction in excise duty and price caps will not be reflected in the data until October.
Core inflation, which captures developments in the price level adjusted for volatile fuel, food and administered prices, also edged up. It reached 3.1% in September (compared to 3% in August). Growth in both market services prices and goods prices accelerated slightly. The increase in goods price inflation to 0.8% year on year from 0.6% in August reflected higher prices of electronics, especially mobile phones. As regards services, growth in the cost of owner-occupied housing (imputed rent) slowed slightly further, but services prices as a whole continued to rise at a rate of 4.5%.
The year-on-year decline in food prices continues to dampen inflation. However, that decline slowed in September, also contributing to the increase in headline inflation.
We expect inflation to remain at similar levels of between 2% and 3% for the rest of the year. At the beginning of next year, it is very likely to rise temporarily above 3%.
Jakub Matějů, Deputy Executive Director, Monetary Department
Diesel and petrol prices again drive inflation in September
The CNB comments on the September 2026 inflation figures
Annual inflation rose from 1.9% in August to 2.5% in September. The price level was unchanged from August.
The rise in annual inflation was due mainly to fuel prices, which reflect the ongoing conflict in the Middle East. Both global oil prices and refining costs remain elevated. Diesel and petrol prices therefore now contribute more than 1 percentage point to headline inflation. The government measures consisting in a reduction in excise duty and price caps will not be reflected in the data until October.
Core inflation, which captures developments in the price level adjusted for volatile fuel, food and administered prices, also edged up. It reached 3.1% in September (compared to 3% in August). Growth in both market services prices and goods prices accelerated slightly. The increase in goods price inflation to 0.8% year on year from 0.6% in August reflected higher prices of electronics, especially mobile phones. As regards services, growth in the cost of owner-occupied housing (imputed rent) slowed slightly further, but services prices as a whole continued to rise at a rate of 4.5%.
The year-on-year decline in food prices continues to dampen inflation. However, that decline slowed in September, also contributing to the increase in headline inflation.
We expect inflation to remain at similar levels of between 2% and 3% for the rest of the year. At the beginning of next year, it is very likely to rise temporarily above 3%.
Jakub Matějů, Deputy Executive Director, Monetary Department