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CNB Gov Michl Expects Lower Commodity Prices To Dampen Inflation

CZECHIA
  • In his weekly op-ed for Mlada fronta DNES, CNB Governor Alex Michl wrote that a continued correction in commodity prices could contribute to substantially reducing inflation in Czechia. The Governor cites the results of an article by his Bank Board colleague Jan Frait, which highlights a correlation between commodity prices and expected global demand dynamics. While geopolitical developments may disrupt the existing trends, Michl expects that there is potential for lower commodity prices helping return inflation to "low levels."
  • Hospodarske Noviny reports that the government coalition has come to the conclusion that the budget cannot be repaired by simply cutting public spending. They are looking to raise some taxes, with plans to be finalised by end-January. The STAN party may propose raising taxes for alcohol and tobacco.
  • Czechia's average real monthly wage shrank 9.8% Y/Y in Q3, maintaining the pace of contraction from the previous quarter in line with expectations. Head of the labour statistics department in the CZSO commented that "despite the 6% growth in nominal wages per recalculated number of employees, after accounting for the effect of inflation, real wages fell for the fourth time in a row."
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