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CZECHIA: CNB Governor Warns of Swings in Global Inflation

CZECHIA
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia

Comments from CNB Governor Ales Michl during a panel discussion at last week’s central banking conference in Mexico City have been published on the CNB's website. Highlights below:

  • After a period of high inflation, we are now entering a phase of higher inflation volatility around central bank targets, with an upside risk.
  • In December 2023, we began reducing rates gradually – from 7% to the current 4%. Nonetheless, some degree of restriction is necessary to ensure low core inflation, which is critical for keeping headline inflation in check
  • Looking ahead, core inflation may need to be slightly below 2%. Since this is not reflected in our current outlook, we are already discussing the appropriate time to pause rate cuts.

See the full remarks here.

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Comments from CNB Governor Ales Michl during a panel discussion at last week’s central banking conference in Mexico City have been published on the CNB's website. Highlights below:

  • After a period of high inflation, we are now entering a phase of higher inflation volatility around central bank targets, with an upside risk.
  • In December 2023, we began reducing rates gradually – from 7% to the current 4%. Nonetheless, some degree of restriction is necessary to ensure low core inflation, which is critical for keeping headline inflation in check
  • Looking ahead, core inflation may need to be slightly below 2%. Since this is not reflected in our current outlook, we are already discussing the appropriate time to pause rate cuts.

See the full remarks here.