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Industrial PPI Falls 0.9% Y/Y, CNB Rate Decision Approaching

CZECHIA
  • Czechia's industrial PPI fell 0.9% Y/Y in February amid expectations of a 1.3% decline (per BBG survey). Sequentially, however, industrial prices rose 0.5% M/M versus +0.3% expected. Elsewhere, agricultural prices fell 18.7% Y/Y, construction work prices were up 1.6% Y/Y, while service producer prices rose 4.9% Y/Y.
  • The key item on the local docket this week is Wednesday's rate decision from the CNB. Most economists in a Bloomberg survey (all but one) expect the central bank to cut the repo rate by 50bp as dovish bets were pared back in reaction to recent comments from certain policymakers.
  • Outgoing Slovak President Zuzana Caputova will meet Czech President Petr Pavel and Prime Minister Petr Fiala in Prague. She will leave her post within a few weeks, paving the way for a neck-and-neck race between Peter Pellegrini (a close ally of pro-Russian PM Robert Fico) and Ivan Korcok (pro-Western career diplomat).
  • Foreign Minister Jan Lipavsky said that the Russian presidential election was an "illegitimate farce" and Prague will not recognise the results of voting held in the occupied territories of Ukraine.
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