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CZECHIA: Core Inflation Tops CNB Forecast, Cabinet Holds Meeting

CZECHIA
  • CNB Deputy Governor Jan Frait argued in a lecture that "the macrofinancial situation remains highly unsettled," with heightened uncertainty reflected in a fairly large volatility of five-year interest rate swap rates, which used to show relative stability, as well as price moves in the commodity, FX and other markets. He said that the return of the "Great Moderation" is not a baseline scenario, because "monetary and financial systems, despite their manifold advantages, contain mechanisms that support cyclicality and volatility."
  • The breakdown of inflation data released by the CNB yesterday showed that core inflation was higher than expected, printing at +2.4% Y/Y versus the central bank's +2.2% forecast. CNB staff said that "core inflation is being driven by wage growth in the domestic economy" against the dampening effect of tight monetary policy. The central bank continues to expect that inflation will be close to the +2.0% Y/Y target for the next two years.
  • Czechia's Cabinet is scheduled to hold a meeting this afternoon, with a press briefing slated for 15:30BST/16:30CEST. Ministers will discuss the healthcare system, among others.
EM BulletBulletGlobalEmerging Market NewsCentral and Eastern EuropeRegionCzechia

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