Inflation in Czech Republic reaches record high in 28 years

Inflation in the Czech Republic in July reached a record high for almost 30 years, amounting to 17.5 per cent year-on-year.

"Inflation in the republic in July amounted to 17.5 per cent year-on-year against 17.2 per cent in June," TASS reports citing the country's statistical office.

This is the highest level since December 1993 (18.2 per cent).

As the agency noted, inflation in the Czech Republic has been growing for 13 months in a row. Most of all, food and electricity are becoming more expensive. The cost of natural gas in the republic increased in July by 59.8 per cent year-on-year, electricity - by 33.6 per cent. This leads to an increase in retail prices for goods in stores.