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CZECHIA: Inflation Prints Above Expectations, Ruling Coalition Debates Budget

CZECHIA
  • The koruna appreciated as August inflation figures topped expectations, with headline CPI printing at +2.2% Y/Y, maintaining a steady pace compared with July. Bloomberg consensus had been looking for +2.0%, while the CNB's official forecast was +1.8%, with the caveat that the July figure surprised to the upside and the central bank's projection was not updated since the beginning of August. The CZSO said that "the year-on-year development of consumer prices in August was significantly influenced by the prices of food and fuels, whose two-way movements, however, offset each other." The Czech National Bank (CNB) will hold its next monetary policy meeting on September 25 after slowing the pace of its rate-cutting cycle to 25bp in August. The CNB will release its comments on the latest inflation report, including more detailed data on core inflation and other components, at 12:00BST/13:00CEST.
  • Seznam Zpravy reported that Jozef Sikela, Czechia's nominee to the European Commission, could receive the energy or trade portfolio, but more clarity will be offered when President Ursula von der Leyen announces the division of portfolios on Wednesday.
  • The ruling coalition will today hold talks on the 2025 state budget later today. The draft submitted by Finance Minister Zbynek Stanjura envisages a budget deficit of CZK230bn, down from this year's target of CZK252bn.
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