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Czechia's Inflation Eases To +16.7% Y/Y, CNB Keeps Countercyclical Buffer Rate Unchanged

CZECHIA
  • Czechia's inflation eased to +16.7% Y/Y in February from +17.5% prior, printing marginally above the +16.6% consensus forecast. The Czech National Bank, which expects headline inflation for the full 2023 to settle at +10.8%, will comment on the inflation data at 12:00GMT/13:00CET. Separately, Czechia's industrial output for January missed expectations, coming in at +1.3% Y/Y versus the anticipated +3.2%.
  • The CNB's Bank Board kept the countercyclical buffer rate unchanged at 2.50% at the quarterly review held yesterday. The earlier hike to that level takes effect on April 1. In a statement published this morning, the Bank Board said that it "is ready to start gradually lowering the countercyclical capital buffer rate if it concludes that the size of the cyclical credit risks in banks’ balance sheets covered by the countercyclical capital buffer rate is decreasing."
  • Petr Pavel appointed Petr Hladik as Czechia's Environment Minister in one of his first decisions after taking office as the country's President. The appointment was being held up by the now former President Milos Zeman but Hladik's party decided not to file a lawsuit due to the imminent change of the head of state. Pavel may also give his opinion on the government's contentious pension bill as soon as today.
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