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CNB Board Expect Interest Rate Path to Be Higher Than in Baseline Scenario

CZECHIA

Highlights from the CNB's December policy statement:

  • The Bank Board expects inflation to fall significantly next year... However, the Bank Board still sees inflationary risks in the outlook for the years ahead.
  • The Bank Board expects the interest rate path to be higher than in the baseline scenario of the current forecast in the coming quarters.
  • We expect inflation to fall to the upper boundary of the tolerance band around the inflation target at the start of next year.
  • The threat of inflation expectations becoming unanchored and the impact of changes to indirect taxes on prices are the main upside risks to inflation. Higher-than-expected inflation in January could shift the path of inflation for the whole of 2024 above the levels we expect.

Click here to see the full statement.

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