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Inflation Accelerates In January, CNB Unlikely To Cut Rates Before Q3

  • Czechia's headline consumer inflation accelerated more than forecast to +17.5% Y/Y in January from +15.8% prior (est. +17.1%) amid what the central bank sees as a temporary spike in price pressures. Prices rose 6.0% M/M after a flat reading in December. The CNB will comment on the release at 13:00CET/12:00GMT.
  • Meanwhile, the minutes of the Bank Board's February monetary policy meeting showed that members assessed that inflation should fall to single digits in the second half of the year but most did not expect a decline in interest rates at least until Q3.
  • Finance Minister Zbynek Stanjura told Seznam Zpravy that the time has come to implement austerity measures and the government will need to explain them to the public. He noted that coalition partners are yet to agree on specific steps.

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