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CNB Sounds More ‘Hawkish’ Following CPI Release

CZECHIA
  • CNB members have started to sound more 'hawkish' following the large print in inflation on Monday (CPI inflation accelerated to 9.9% in January, vs. 9.3% exp.).
  • Governor Rusnok commented yesterday that even though inflation number was not a major surprise, he cannot rule out Czech rates rising further.
  • Rusnok added that that 5% is not a ceiling for Czech policy rate and he cannot say if Czech rates need to rise above that level.
  • On Monday, CNB member Benda also mentioned in an interview that the CNB has not said that 5% was the ceiling for rates, and he added that he 'can imagine' that there will be some further rate increases in the coming meetings.
  • The government is expected to approve a pension increase mandated by the law for periods of high inflation. Ministers may also discuss further easing of pandemic measures (BBG).
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