The pace of consumer price increases in the Czech Republic slowed more than expected in February, hitting the lowest level in more than five years.

This is largely due to the drop in food prices, according to the latest data of the Czech Statistical Office, DPA reported, quoted by BTA.

Consumer prices in the Czech Republic rose by 2 percent year-on-year in February, while in January their growth was 2.3 percent.

Analysts expected inflation in the central European country to drop less to 2.2 percent.

Switzerland reported lowest inflation since late 2021.

This is the weakest monthly rate of inflation in the Czech Republic since December 2018.

The prices of food and soft drinks in February decreased by 4.8 percent on an annual basis.

The prices of clothes and shoes were up by 5.8 percent, while in January their increase was 5.9 percent.

Meanwhile, transport prices accelerated to 1.1 percent on a year-on-year basis, up from 0.4 percent recorded in January.

On a monthly basis - in February compared to January - Czech consumer prices rose by 0.3 percent against an expected increase of 0.4 percent.

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