Czech Inflation Rate Lowers Among European Neighbors

The Czech Republic had one of the lowest inflation rates in Europe for August, according to new data from Eurostat. The country's annual inflation stood at 1.5 percent, making it the third-lowest rate in the European Union.

This is despite price growth accelerating across much of Europe, with the EU as a whole experiencing an increase in inflation from 3 percent in July to 3.2 percent in August. Inflation rose in 20 of the bloc's 27 member states compared to the previous month.

The highest inflation rates were recorded in Romania at 6.3 percent, Lithuania at 5.6 percent and Cyprus at 5.2 percent. Energy and services continued to drive price increases in the eurozone, which saw its inflation rate rise from 2.9 percent in July to 3.2 percent in August.