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CNB Has Not Said That 5% Is The Ceiling For Rates (Benda)

CZECHIA

LOCAL NEWS

  • Yesterday, economic data showed that Czech inflation accelerated to 9.9% in January (vs. 9.3% expected), up from 6.6% the previous month.
  • CNB policymakers have warned in recent weeks that Czech inflation could reach the low double digits in the near term (Q1) before starting to gradually decline.
  • The CNB commented that CPI is likely to exceed 10% in coming months.
  • Yesterday, CNB member Benda mentioned in an interview that the central bank has not said that 5% is the ceiling for rates, and he added that he ‘can’ imagine’ that there will be some further rate increase in the coming meetings.
  • With a 10Y yield trading at around 3%, Czech Republic now offers the lowest 10Y real yield among the CEE region and the third lowest among the EM world (after Turkey and China PPI-adjusted).
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