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CNB's Zamrazilova Speaks In Parliament, Retail Sales Shrink Less Than Forecast

  • CNB Deputy Governor Eva Zamrazilova attends a meeting of the parliamentary Budget Committee from 08:00GMT/09:00CET to present the central bank's Autumn 2023 Monetary Policy Report. The insights from the report were used to inform the Bank Board's decision to keep the two-week repo rate unchanged at 7.00% last month. The next monetary policy meeting is scheduled for December 21.
  • Finance Minister Zbynek Stanjura declared that the government will try to prevent a jump in food prices after receiving signals that retailers could raise them by 10% next year. The official argued that retailers have no reason to increase prices by that much, given that the government agreed to trim the VAT rate on food items, while fuel costs have been falling. The matter will be discussed by the Cabinet in more detail this week.
  • Labour Minister Marian Jurecka said that the government will likely opt for a smaller increase in minimum wage from next year (i.e. by CZK1,600 to CZK18,900) after a tripartite meeting with unions and employers yielded no compromise solution. He noted that this would still represent the largest increase in the minimum wage in history.
  • Czechia's ex-auto retail sales fell 1.4% Y/Y in October versus -1.9% expected after a revised 4.3% contraction in September.

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