The CNB comments on the April 2026 inflation figures
As expected, annual inflation accelerated further to 2.5% in April (from 1.9% in March). As in March, the April data reflected the effects of the armed conflict in the Middle East in the form of an increase in fuel prices.
The start of this year was favourable in terms of inflation, with it falling to a decade-low of 1.4% year on year in February, partly due to a number of extraordinary factors. However, inflation rose by more than 1 percentage point in March and April, due to a sharp increase in fuel prices, which picked up cumulatively by almost 30% over the two-month period. Apart from petrol and diesel prices, the previous trend largely continued in April. Subdued food and non-alcoholic beverage prices continued to have a positive effect, with their decline deepening to -1.3% year on year in April. Food prices are thus reducing headline inflation, similarly to the summer of 2024.
Core inflation remained unchanged at 2.9% year on year in April. Growth in goods prices was little changed (0.6% year on year), and services inflation remained elevated (4.5% year on year). The closely monitored cost of owner-occupied housing (imputed rent) again accelerated somewhat to 5.5% year on year in April, the highest level in three years, close to which it is expected to peak.
Headline inflation picked up and will be between 2% and 3% for the rest of this year due to the impacts of the Middle East conflict. The level of core inflation and the increase in the inflation outlook driven by global cost pressures and the risk of spillovers into other price categories are reasons for increased caution. Importantly, domestic monetary policy is currently having a restrictive effect despite the recent rise in inflation.
Petr Sklenář, Executive Director of the Monetary Department
Fuel prices drive inflation upswing in April
The CNB comments on the April 2026 inflation figures
As expected, annual inflation accelerated further to 2.5% in April (from 1.9% in March). As in March, the April data reflected the effects of the armed conflict in the Middle East in the form of an increase in fuel prices.
The start of this year was favourable in terms of inflation, with it falling to a decade-low of 1.4% year on year in February, partly due to a number of extraordinary factors. However, inflation rose by more than 1 percentage point in March and April, due to a sharp increase in fuel prices, which picked up cumulatively by almost 30% over the two-month period. Apart from petrol and diesel prices, the previous trend largely continued in April. Subdued food and non-alcoholic beverage prices continued to have a positive effect, with their decline deepening to -1.3% year on year in April. Food prices are thus reducing headline inflation, similarly to the summer of 2024.
Core inflation remained unchanged at 2.9% year on year in April. Growth in goods prices was little changed (0.6% year on year), and services inflation remained elevated (4.5% year on year). The closely monitored cost of owner-occupied housing (imputed rent) again accelerated somewhat to 5.5% year on year in April, the highest level in three years, close to which it is expected to peak.
Headline inflation picked up and will be between 2% and 3% for the rest of this year due to the impacts of the Middle East conflict. The level of core inflation and the increase in the inflation outlook driven by global cost pressures and the risk of spillovers into other price categories are reasons for increased caution. Importantly, domestic monetary policy is currently having a restrictive effect despite the recent rise in inflation.
Petr Sklenář, Executive Director of the Monetary Department