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Commerzbank on CNB and CPI Print

  • Commerzbank notes that the impact of (lower) commodity prices on headline CPI is a strong factor in recent developments.
  • Wages and more core inflation drivers are still not out of the woods, hence the inflation outlook has not become abruptly better.
  • Nevertheless, the print will strengthen the hands of the dovish faction, as well as governor Ales Michl, at CNB – further monetary tightening becomes increasingly unlikely in coming months, also because FX intervention is currently effective in keeping the koruna stable.

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