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Industrial PPI Growth Turns Negative For First Time Since Late 2020

CZECHIA
  • Czechia's industrial PPI fell 1.8% Y/Y in January, in line with expectations, after a 1.4% increase in December. The sequential reading topped expectations, printing at +2.5% M/M vs. median estimate of +2.2%. The annual change in agricultural prices was negative for the ninth month in a row, while construction work prices and service producer prices rose 2.0% Y/Y and 4.6% Y/Y respectively.
  • E15 circulated a piece noting that even a sharp reduction in CNB rates may not entail a fundamental change in rates applied to mortgages, The piece notes that lenders are willing to make up for weaker years in the mortgage business and are dissatisfied with regulations allowing borrowers to easily switch between banks.
  • Yesterday's V4 summit in Prague exposed fault lines among member states related to their assessments of the war in Ukraine. Despite the tense atmosphere, leaders resolved to keep the group functional for now.
  • The Finance Ministry will offer up to CZK9bn of bonds maturing in 2032, 2035 and 2037 today. The deadline for bids is at noon local time.
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