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CZECHIA: CNB Minutes Indicate Caution Amid Concern Over Services Price Inflation

CZECHIA
EM BulletBulletEmerging Market NewsCentral and Eastern EuropeCzechia
  • The minutes of the CNB's most recent monetary policy meeting confirmed that Bank Board members agreed that a cautious approach to further rate cuts was appropriate. The document noted that "monetary conditions would remain moderately restrictive" even after the 25bp rate cut delivered at the meeting, while members noted that "a monetary policy error in the shape of a somewhat tighter monetary policy stance would lead to only a modest undershooting of the inflation target and a minimal slowdown in GDP growth at the forecast horizon." Members also agreed that the main domestic inflationary risk is "higher-than-expected inertia in services and food inflation."
  • For the record, the central bank also released the full Monetary Policy Report - Winter 2025, although the key sections had already been published earlier.
  • Denik N reported that Spolu coalition parties are engaged in a dispute over who should lead the electoral list in Prague. TOP 09 believes that its leader Marketa Pekarova Adamova should keep the top spot on the list in the capital, while ODS would like to replace her with Defence Minister Jana Cernochova.
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  • The minutes of the CNB's most recent monetary policy meeting confirmed that Bank Board members agreed that a cautious approach to further rate cuts was appropriate. The document noted that "monetary conditions would remain moderately restrictive" even after the 25bp rate cut delivered at the meeting, while members noted that "a monetary policy error in the shape of a somewhat tighter monetary policy stance would lead to only a modest undershooting of the inflation target and a minimal slowdown in GDP growth at the forecast horizon." Members also agreed that the main domestic inflationary risk is "higher-than-expected inertia in services and food inflation."
  • For the record, the central bank also released the full Monetary Policy Report - Winter 2025, although the key sections had already been published earlier.
  • Denik N reported that Spolu coalition parties are engaged in a dispute over who should lead the electoral list in Prague. TOP 09 believes that its leader Marketa Pekarova Adamova should keep the top spot on the list in the capital, while ODS would like to replace her with Defence Minister Jana Cernochova.