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CNB Continues Its Hiking Cycle

CZECHIA
  • As expected, the CNB raised its benchmark rate by 0.25% to 0.75% yesterday, gradually continuing its tightening cycle to curb inflationary pressures.
  • Four Czech central bankers backed a 25bps hike at yesterday's meeting, one sought 50bps hike and two voted for no change.
  • The CNB raised its 2021 inflation forecast to 3%, and to 2.8% for 2022.
  • Governor Rusnok commented in a press conference that the tightening policy will not undermine the economic recovery, and that Czech household consumption will drive GDP rebound.
  • Rusnok added that the CNB is ready to hike interest rates at each of the remaining three meetings in 2021, which would raise the policy rate to 1.5%.
  • This morning, economic data showed that industrial output rose more than expected in June, up 11.4% YoY (vs. 8.3% exp.) and down from 32.3% the previous month.
  • Next important data to watch will be July CPI inflation, coming out on August 10, and expected to increase to 2.9%.
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