This year, the work will last 110 days and will cost CZK 594.5 million. Inflation is generally taken to mean persistent increases in the majority of prices in an economy. Never miss out on our latest data,analysis and industryevents. NEW YORK (AP) Election Day brought another rise for Wall Street, with stocks climbing Tuesday for a third straight day. Mit einem Handelsvolumen von fast 14 Mrd. Twitter And this was wrote by a journalist. The annual inflation rate in Czech Republic accelerated to 18% in September of 2022, the highest since December of 1993, from 17.2% in the previous, and above market expectations of 17.2%. Annual inflation in the Czech Republic reached 12.7 percent in March, up from 11.1 percent in February, according to data released by the Czech Statistics Office. Year-on-year inflation rose to 14.2 percent in April and reached its highest level since December 1993. It hit 7.7% in June 2021 and 9.3% in December. . At 18 percent in the Czech Republic, it is at its highest level since the early 1990s. The only exception is single-parent households, which are facing a higher rate of inflation in 2022. The Laspeyres formula is generally used. Energy (+3.70 percentage points), services (+1.38 points) as well as food, alcohol, and tobacco (+1.35 points) contributed the most to annual inflation in the euro area. Online Store Looking at the details of the release, February's increase mainly reflected rising prices for transport and housing, water, electricity, gas and other fuels. On the contrary, natural gas prices rose by 2.7 percent, solid fuels by 8.4 percent. Inflation increases in May. Norway records highest price increase since 1988. The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell from 44.7 in September to 41.7 in October, marking the lowest value since May 2020. Inflation in the Czech Republic in May reached record highs over the past almost 30 years and in annual terms amounted to 16%, against 14.2% in April, Report informs referring to the Statistical Office of this country. June 13, 2022. The current inflation rate in the Czech Republic is 17.97%, which is calculated based on CPI (Consumer Price Index) values for the last 12 months ending in September 2022. Would you like us to write about your business? About Fiala said that progress in the Western Balkans countries' EU integration is in the interest of both Czechia and Austria. Download a sample report now. Google+, Copyright: 2022. On a year-on-year basis, consumer prices increased by 15.1% in May 2022. LinkedIn Kazakhstans low-cost airline FlyArystan is launching flights on the Aktau-Prague-Aktau route. To calculate cumulative rates between two different periods, you can use the Czech Republic Inflation Calculator. Press We will keep the matter in mind. The Czech CPI shows the change in prices of a standard package of goods and services which Czech households purchase for consumption. Its not only about being a language purist. Ehh. Czech Republic: Inflation increases in May. The countrys ranking in the environmental section of the Czech Prosperity Index is impacted the most by drought and high greenhouse gas emissions. Umbrellas aren't rain-proof. Prague: Inflation in the Czech Republic rose by 18 per cent year-on-year in September, according to official statistics published by the country's Statistical Office (CSU). Read more 1 2 3 4 Monthly Inflation Rates (MoM) | 1992-2022 A detailed description of the current CNB forecast is available in the Monetary Policy Report - Autumn 2022 (to be published on 11 October 2022) and in the presentation for the CNB . The first ten days are expected to cause the most difficulties for drivers, with Strakonick Street as the main bottleneck. 52 Consumer prices increased by 1.8% in May 2022 from the previous month, according to the Czech Statistical Office (CZSO). 's proposed changes to work-from-home rules draw criticism. Latest Updates The annual inflation rate in Czech Republic accelerated to 18% in September of 2022, the highest since December of 1993, from 17.2% in the previous, and above market. pic.twitter.com/wEvfMXQPak. August 2, 2022. The economic sentiment indicator, published by the Czech Statistical Office (CSO), fell to 89.8 in October from 90.1 in September. This is 2.9 percent less than in September. The only countries exceeding the Czech inflation rate are Estonia (19.1 percent) and Lithuania 16.6 percent). When we talk about the rate of inflation in Czech Republic, this often refers to the rate of inflation based on the consumer price index, or CPI for short. Czechia is considering staging a summit with representatives of the Western Balkans countries. Inflation in the Czech Republic in May reached record highs over the past almost 30 years and in annual terms amounted to 16%, against 14.2% in April, Report informs referring to the Statistical Office of this country. The inflation rate is based upon the consumer price index (CPI). Read more on how to avoid the traffic during repairs here. Harmonised Inflation Rate MoM in Czech Republic averaged 0.29 percent from 1995 until 2022, reaching an all time high of 4.60 percent in January of 2022 and a record low of -0.80 percent in September of 2001. 2022-06-10T10:54:35.550Z. He will be replaced by current bank board member Ale Michl. Two important consumer inflation figures are recorded in many European countries: the consumer price index (CPI) and the harmonised consumer price index (HICP). LinkedIn The street may be newly named after Karel Hartig (1833-1905), the first mayor of the local ikov neighborhood. Reading time: 6 minutes. The index was compiled by esk spoitelna in cooperation with Evropa v datech. . AzeriTimes.com. Es hat mich gefreut, heute in #Prag MP @P_Fiala zu treffen! Google+, Facebook CNB forecast - Autumn 2022. The graph above shows the annual inflation rates in the Czech Republic for the previous 10 calendar years, from 2012. Home > News > This forecast was published on 3 November 2022 and (with some exceptions) is based on the data available as of 21 October 2022. Czech Republic inflation rate for 2020 was 3.16%, a 0.31% increase from 2019. Czech Republic: May inflation falls but not as much as expected Czech inflation decelerated from 3.2% in April to 2.9% in May, but the market expected a stronger deceleration to 2.6%. Twitter Rusnoks term as governor will end at the end of June. Google+, Facebook At its 3 November meeting, the Board of the Czech National Bank (CNB) left the two-week repo rate unchanged at 7.00%. About Home Europe Inflation in the Czech Republic decreased by 2.9 % in October. The websites contain traffic cameras from across the Czech Republic and information on the current traffic situation, among other things. This page provides - Czech Republic Food Inflation - actual values, historical data . It is a different thing 2.9% and 2.9pp. Italy's Stefano Boeri Architetti has revealed plans to add a little greenery to Dubai, in the form of its latest Vertical Forest. Vlak vrobce @Alstom vyjel na prezentan cestu do Vranho nad Vltavou. After that, mass protests started in the country. It has knocked the SD website and Dopravniinfo.cz offline. Photo credit: TMA / Brno Daily. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.2% in May (April: 7.1%). koda invested about CZK 3.2 billion in the production line. Mu, pod vlivem OPL, se zabarikdoval v byt a vyhrouje skokem z okna. The annual inflation rate in Czech Republic declined for the first time in 14 months to 17.2% in August of 2022 from 17.5% in the previous month, and below market forecasts of 17.6%. . The year-on-year growth of consumer prices amounted to 17.2% in August, which was 0.3 percentage points lower than in July. TOKYO (AP) Asian stocks were mixed Tuesday ahead of the U.S. midterm elections with trading likely to stay bumpy in a week that brings new inflation data and other . However, the difference is relatively low. 12 Oct 2022 4:35 p.m In many European countries, inflation is reaching levels not seen for many years. Czech Republic inflation rate for 2021 was 3.84%, a 0.68% increase from 2020. In the Czech Republic, prices for food and housing are growing fastest. In 2021, the average inflation rate in the Czech. The repair of the 1983 bridge, which is part of the city ring road, began on Monday and is spread over several years. In addition to Daei, who is currently in prison, it is claimed that 15,000 more people will be executed. The incident is being dealt with by the National Cyber and Information Security Agency (NKIB). Press BD Staff April 11, 2022 Inflation In The Czech Republic Reaches 25-Year High Czech Republic / World. It was the only month-on-month drop in prices since December 2020, said Pavla ediv, head of the Consumer Price Statistics Department of the CZSO. Inflation even fell month-on-month, by 1.4 percent. may 2022: 15.969 %: april 2022: 14.161 %: march 2022 . Wall Street looks set to jump Thursday after a government report showed inflation eased by even more than economists expected last month. Client Log In, Facebook The Czech Statistical Office (S) published the data on Thursday. By. Novini.bg - Current news - today's news and the latest news from Bulgaria and the world. Most rail corridors in the Czech Republic are not electrified, so trains have to move under their own power. Sex offender registry closer to reality in Czechia, Green powders in Prague: A global health trend comes to Vinohrady, Discover two nights of Michelin culinary magic this week in Prague, The Italians: A slow-food heaven in Smchov is marketplace, venue, and eatery in one, Five tips for planning the perfect office holiday party in Czechia, Flu, cold, or Covid: How to recognize and treat these similar illnesses in Czechia, Celebrate Day of the Dead at Prague Market with costumes, music, and churros, Today's headlines: Daily news refresh for Czechia, Crackdown alert: Czech transport companies to target fare dodgers in November, Half of Czechs can't make ends meet due to rising prices, Renaissance-era wedding ring of Bohemian queen found in family tomb, Prague taxi driver charges over CZK 7,000 for a 5-km ride, Mass anti-government protest takes place in Prague, Czech govt. Home > News > ". It was the ninth straight increase since . Inflation rose to 16.0% in May, above April's 14.2%. Inflation rose to 16.0% in May, above Aprils 14.2%. Prices of heating, hot water, sewage and solid fuels rose, while petrol and diesel prices are at their highest ever levels. It is the only production site for the battery systems for Volkswagen Groups modular electric car platform in Europe except for in Germany. Some kind of desalination system will be installed, alongside a standard greywater recycling system. Spolupracujeme s @zzshmp. The slowdown in the month-on-month rate from 1.3% is the third slowdown in a row without seasonal adjustment. Food Inflation in Czech Republic averaged 2.55 percent from 2000 until 2022, reaching an all time high of 21 percent in September of 2022 and a record low of -6.50 percent in July of 2009. Prague police officers intervened at Na Slupi Street where a man, under the influence of addictive substances, barricaded himself in the apartment and threatened to jump out the window. By KAREL JANICEK June 22, 2022. The outlook for the immediate future is not too encouraging, according to Vt Hradil, the chief . Monthly Inflation Rates (YoY) | 1992-2022 The following table contains YoY (year-over-year) inflation rates calculated from monthly CPI data publications. Residents and firms seated in Konev street, which bears the name of controversial Soviet Marshal Ivan Stepanovich Konev, can give their positions on its possible renaming within a poll the Prague 3 District Town Hall will conduct by the end of May, said the town hall spokesman. The softer print was largely due to a milder increase in prices for housing and utilities. The hike of a percentage point and a quarter brought the interest rate to 7%, the highest level since early 1999. A woman maneuvers her car onto a street called "Wits' End." The sky is an ominous red, and strange things are happening. Nehammer called Czechia an important partner but he reaffirmed Austria's opposition to Czechia expanding nuclear power. The CNB conducts its monetary policy within an inflation targeting regime. Non-energy industrial goods contributed 1.02 percentage points. Release Date: 11 October 2022. The flights will operate starting from June 12 on Sundays, with an additional flight on Thursdays starting from July 6, 2022. The CPI is often the official consumer price inflation rate which is recorded in the country itself. All rights reserved. Inflation in the Czech Republic jumped to 16 percent on an annual basis in May, the Czech Statistical Office (CSU) said today, quoted by DPA. This should support financial and price stability, as well as protect citizens savings from depreciation. , especially considering last year the inflation was 5.8 already. I hope at the end of the year inflation levels will be normal again. At its 3 November meeting, the Board of the Czech National Bank (CNB) left the two-week repo rate unchanged at 7.00%. ist #Tschechien unser wichtigster Handelspartner in Mittel- & Osteuropa. koda Auto has started producing battery systems for fully electric cars in its main production plant in Mlad Boleslav. Up to 250,000 battery systems will be produced in Mlad Boleslav annually and about 250 employees will work on the new production line. Ali Daei, the former football player of the Iranian national team of Azerbaijani origin, was sentenced to death, Report informs via foreign media. Mark Zandi, chief economist of Moody's Analytics, analyzed United States Consumer Price Index components following the May 2022 report that showed an 8.6% inflation rate in the US. PRAGUE (AP) The Czech Republic's central bank once again raised its key interest rate significantly Wednesday as it tried to combat soaring inflation. IO: 27572102. #policiepha pic.twitter.com/IllS9IJVjw. LinkedIn Meanwhile, Czech analysts point out the erroneousness of the forecasts of financial experts about the decline in inflation in May. "Inflation rate for food in the Czech Republic from May 2015 to July 2022." Chart. Inflation in the Czech Republic decreased by 2.9 % in October. We have contacted the German embassy in Iran and expressed our readiness to provide support. May's result was the highest inflation rate since December 1993. The National Bank of the country was also mistaken, saying that it would amount to 14.9%. The business confidence index decreased to 93.4 from Septembers 93.6. The post-Covid period still shows a lot of uncertainties, despite the Czech economy accelerating by 8.1% in the second quarter, growth is slightly lower than expected and the Covid level is below 5%. In both cases, this is the lowest number this year. In support of his statement, he mentioned Estonia, which he said is a relatively stable eurozone country, has a zero interest rate and does not have to deal with the effect of the exchange rate, but has an inflation rate of 19 percent. Highest percentage since 2008 when it was 7.5%. The softer print was largely due to a milder increase in prices for housing and utilities. Prague is the first European route on FlyArystans international route map. All rights reserved.Expats.cz, Vtkova 244/8, Praha 8, 186 00 Czech Republic. In October, the year-on-year inflation rate reached 15.1 percent. May 11, 2022 This statistic shows the average inflation rate in the Czech Republic from 1989 to 2021, with projections up until 2027. Food prices rose 0.5% and housing and energy prices rose 0.7%. The German Bayern made a statement through its official website and expressed concern about the fate of their former footballers Ali Daei and Ali Karimi: "We need to hear that they and their families are in a good situation. The prices are -1.4%, not -2.9% (this number is affected by high inflation rate from September 2021). "I had the privilege of delivering a speech on language, linguistic and cultural similarities between Azerbaijan and Korea as well as our bilateral cooperation in front of the audience of faculty members and students of Hankuk Univ.of Foreign Studies at the 2nd HUFS CFL Ambassador Forum," Ramiz Hasanov said on Twitter. The value of each month indicates the rolling average inflation rate for the last 12 months. Wyoming's inflation rate has been steadily rising since 2021. The Czech Republic has the third-highest inflation among the EU member states, standing at 13.2 percent in April. Ambassador of Azerbaijan in Korean Republic Ramiz Hasanov has spoken at the 2nd forum of ambassadors at the Hankuk University of Foreign Studies, according to Report. Czech National Bank (NB) Governor Ji Rusnok said that if the NB did not raise interest rates, inflation in the Czech Republic would now be at least between 20 and 25 percent and the crown's exchange rate would be CZK 30 per euro. Not by 2.9% but by 2.9 percentage points. Sweden had the best environment in the EU, while Cyprus was the worst. >The growth of consumer prices in the Czech Republic moderated. Data published Monthly by Statistical Office. The maximum level was 21.9 % and minimum was -0.4 %. A phone hotline was also unavailable. Transportation costs experienced the biggest increase in Wyoming, jumping 16.4% over . Most central banks conduct monetary policy within some sort of monetary policy regime. He found that by then the 2022 Russian invasion of Ukraine was the principal cause of higher inflation, comprising 3.5% of the 8.6%. Ilaria Brizi Business Czech Republic / World Consumers,Czech Republic,Economy,Inflation Consumer prices increased by 1.8% in May 2022 from the previous month, according to the Czech Statistical Office (CZSO). Particular attention has been paid to the conservation of water, which makes sense given how dry Dubai is. | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Czech Republic: Industrial output grows at quickest pace since June 2021 in September, Czech Republic: Economy expands at softer pace in Q3, Czech Republic: The Czech National Bank stands pat in November, Czech Republic: Manufacturing PMI falls further in October, Czech Republic: Economic sentiment weakens further in October. The two leaders also discussed energy security and the possibility of expanding Austria's capacity to supply oil and natural gas to Czechia. Local human rights activists say at least 185 people have been killed. Wir haben auch unsere ablehnende Haltung gegenber der Atomkraft erneut bekrftigt. There is a difference and I was confused reading the title. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.2% in May (April: 7.1%). The crown's exchange rate is now just below CZK 25 per euro. Hydrogen-powered trains will replace diesel-powered ones as part of the Czech Republics clean mobility plan for the future. Never miss out on our latest data,analysis and industryevents. Looking for forecasts related to Inflation in Czech Republic? Prices rose much less for fuels and lubricants for personal transport equipment (28.3% vs. 43.6% in July) and there was also a slowdown in cost of housing and utilities (22.9% vs 23.1%). Google+, Copyright: 2022. Twitter Czech National Bank (NB) Governor Ji Rusnok said that if the NB did not raise interest rates, inflation in the Czech Republic would now be at least between 20 and 25 percent and the crown's exchange rate would be CZK 30 per euro. Hiro Komae - staff, AP. Copyright 2008-2020 AzeriTimes.com. In September, the moral police of Iran detained 22-year-old Mahsa Amini for not following the hijab rules and reportedly killed her. Industrial output grew 8.3% year on year in working-day adjusted terms in September, which was above August's 7.2% increase. Inflation in the Czech Republic rose 18 percent year-on-year in September, official Chinese news agency Xinhua reported. Client Log In, Facebook Czech Republic inflation rate for 2018 was 2.15%, a 0.3% decline from 2017. Prat policist aktuln zasahuj v ulici Na Slupi, Praha 2. The website of the Czech Road and Motorway Directorate (RSD) has been inaccessible since the cyberattack that it faced on Tuesday morning, as well as the website with traffic information about the situation on Czech roads for drivers, said RSD spokesman Jan Rdl told. Direct flights between Prague and US resume after more than two years, Czech acting legend Josef Abrhm dies at age 82, Inflation sets a new record in Czech agricultural sector, Czechia is 'most challenging' country in Europe to navigate linguistically, Czechia and Slovakia at loggerheads over border controls, Tourism recovering in Prague, thanks to Germans and Americans returning, The Daily Dozen: 12 things to know about Czechia today. Written by Expats.cz Staff At the beginning of October, Daei was detained by the police for participating in a march organized in Saqqez, and then he was sent to prison. #CeskeDrahy #Vodikovyvlak pic.twitter.com/gPfEozMFaV. Na mst je policejn vyjednava, ulice je uzavena. On a year-on-year basis, consumer prices increased by 15.1% in May 2022. Inflation Czech Republic 2022 (CPI) - The inflation chart and table below feature an overview of the Czech inflation in 2022: CPI Czech Republic 2022. May's result was the highest inflation rate since December 1993. Inflation is expected to rise further and may hit 15 percent in mid-2022. "If we want to ensure emission-free transport services then we must look for an alternative to these [diesel] trains," D CEO Michal Krapinec said. It is still unclear when they may start functioning, he added. Harmonised Inflation Rate MoM in Czech Republic increased to 0.90 percent in September from 0.30 percent in August of 2022. . The Czech government will propose indexing of health insurance contributions the state pays for state-insured people according to the assessment base increased by inflation and a half of the real wage growth, said Finance Minister Zbynk Stanjura and Health Minister Vlastimil Vlek. Futures for U.S. stock indexes surged 2% or D said it was planning on buying several dozen hydrogen-powered trains, and an analysis is taking place to see which lines are suitable. Year-on-year inflation rose to 14.2 percent in April and reached its highest level since December 1993. The economy expanded 1.6% in seasonally adjusted year-on-year terms in Q3, following Q2s 3.7% increase. "This is the worst figure since December 1993, when it was at the level of 18.2%," the office said. Most recent HICP Czech Republic (inflation figure) 17.829 %. >In October, the governments austerity measures for households in the form of an energy allowance had the greatest influence on the development of the price level. For additional years, see the historical inflation rates. Inflation in Czech Republic hits 18% in Sep October 12, 2022 Inflation in the Czech Republic rose by 18 per cent year-on-year in September, according to official statistics published. Consumer prices rose 1.76% from the previous month in May, decelerating slightly from April's 1.79% increase. . This is the worst figure since December 1993, when it was at the level of 18.2%, the office said. Due to the demolition of a bridge ramp, traffic will be withdrawn from two lanes to one for ten days, starting May 18. My Cart The state of the environment in the Czech Republic is the fifth-worst in the European Union, even though the country spends above the EU average on environmental protection. September 2022: 18,0 %. Additionally, the buildings will reduce their grid-based electricity usage with a photovoltaic setup capable of producing 5,100-kWh of clean energy. Inflation rose to 16.0% in May, above Aprils 14.2%. The business confidence index decreased to 93.4 from Septembers 93.6. Czechs scored better at reducing the production of municipal waste, coming in 15th out of 27 EU members. In February, the price of electricity rose by 22.6 percent year-on-year, while the price of natural gas rose by 28.3 percent. Thats horrible. CBA statistics show an acceleration in inflation in recent months from 4.1% to 4.9% in September. 2021: 3,8 %. The steepest price rises are reported in energy and fuel, but virtually all items in the consumer basket have risen. The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell from 44.7 in September to 41.7 in October, marking the lowest value since May 2020. The softer print was largely due to a milder increase in prices for housing and utilities. Report informs via New Atlas that the project will be centered around two eye-catching skyscrapers arranged into a V-shape and connected by a shared podium. The upcoming Czech presidency of the Council of the European Union should include a focus on the integration of the Western Balkans in the EU, Czech Prime Minister Petr Fiala and Austrian Chancellor Karl Nehammer said after their talks in Pragues Kram Villa today. Download a sample report now. It is expected that in the near future the financial regulator will raise the key rate by at least 0.75 percentage points. The Czech Road and Motorway Directorate (SD) was hit by a cyberattack on Tuesday morning. In May, in annual terms, prices for natural gas in the republic increased by 49.2% and for electricity by 30.8%, which led, in particular, to the high cost of goods for the population in retail stores. Inflation may rise to 15 percent," predicted Luk Kovanda, Chief Economist at Trinity Bank. It was the highest year-on-year rate since December 1993, Xinhua news agency quoted local media as saying. >It was thanks to the energy-saving tariff that electricity prices showed the biggest month-on-month drop, namely by 53.9 percent. Looking for forecasts related to Inflation in Czech Republic? May 2022; April 2022; March 2022; February 2022; January 2022; December 2021; November 2021; October 2021; September 2021; August 2021; July 2021; June 2021; May 2021; April 2021; March 2021; February 2021; January 2021; December 2020; . Online Store Fiala also said he supports Ukraine's accession to the EU, but the process must fulfill all the required conditions in the interest of EU individual countries and Ukraine. Prices have been rising for 10 consecutive months and show few signs of letting up, deepening a cost-of-living crisis for consumers and forcing European policymakers to pledge a variety of measures to tackle the issue. Industrial output grew 8.3% year on year in working-day adjusted terms in September, which was above August's 7.2% increase. Nehammer said the Western Balkans must not be forgotten due to the war in Ukraine. The veteran attacker is accused of participating in protests against the killing of Mahsa Amini. Official Tehran has cracked down on the demonstrations mercilessly, as well as resorting to other restrictive measures, including shutting down the internet. Euro area annual #inflation stable at 7.4% in April https://t.co/pJb0MBndOj pic.twitter.com/Jobex4kmJ6. As a result, it is estimated that the state would pay CZK 1,878 per person per month next year, CZK 111 more than this year. Meanwhile, the trend pointed up, with annual average inflation coming in at 8.2% in May (April: 7.1%). In July 2022, the inflation rate for food in the Czech Republic was at 19.3 percent. Inflation in the European Union rose to a record 8.1 percent in April, three-tenths of a percentage point more than in March, suggests the Eurostat report. The primary objective of the Czech National Bank shall be to maintain price stability (2, the Act on the CNB). Consumer prices rose 1.76% from the previous month in May, decelerating slightly from April's 1.79% increase. Like most central banks, the CNB focuses on stability of consumer prices. Inflation rose to 16.0% in May, above April's 14.2%. Medicines running out and never-ending waitlists: Does Czechia have a healthcare problem? My Cart The SD confirmed the attack on Twitter, but said its safety, surveillance, and toll systems were isolated from the websites and were fully operational. LinkedIn Consumer prices rose 1.76% from the previous month in May, decelerating slightly from April's 1.79% increase. The S&P 500 rose 21.31, or 0.6%, to 3,828.11, though it flipped between . This site and the Adaptor logo are copyright 2001 - Howlings s.r.o. Czech Republic inflation rate for 2019 was 2.85%, a 0.7% increase from 2018. Inflation increases in May. This page includes a chart with historical data for Czech Republic Harmonised Inflation Rate MoM. Published on 17.05.2022 17:06:00 (updated on 18.05.2022) Inflation rate as an increase in CPI compared with the corresponding month of the preceding year characterizes the percentage change comparing the price level in the reference month of a given year with the corresponding month of the preceding year.