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Annual Inflation to Decline Toward Tolerance Band as Early as Jan

CZECHIA

The Czech National Bank has commented on December's inflation figures. Highlights are as follows:

  • Core inflation was exactly in line with the forecast.
  • Annual food price inflation slowed significantly further in December. This was due to declining global agricultural commodity prices and domestic agricultural producer prices, as well as subdued consumer demand.
  • The observed price developments bear out the expectations of the autumn forecast. Following a temporary increase in October, annual inflation slowed in the rest of the year.
  • As early as in in January 2024, annual inflation will decline sharply close to the upper boundary of the tolerance band around the 2% target.
  • The strength and broad nature of the disinflationary trend is illustrated by subdued developments in the price level in recent months.

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