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Inflation Approaches Target In January, CNB's Zamrazilova Wants It To Remain At +2% Y/Y

CZECHIA
  • Czechia's January inflation figures undershot expectations, applying pressure to the koruna and local FRA contracts early doors. Headline CPI slowed to +2.3% Y/Y in January from +6.9%, missing both BBG consensus forecast (+2.9%) and CNB projection (+3.0%), and is now comfortably within the central bank's tolerance band. The sequential reading was also smaller than expected (+1.5% M/M vs. BBG est. of +2.0%), indicating a relatively small scale of the seasonal repricing of goods and services, which was a major source of concern for the central bank. This benign set of inflation figures paves the way for the continued relatively rapid easing of monetary policy. The CNB will release its comments on January CPI data at 12:00GMT/13:00CET.
  • CNB Deputy Governor Eva Zamrazilova wrote on X that "monetary policy was sufficiently tight in 2022 and 2023," allowing inflation to fall close to the target. However, "rates will remain elevated until it is clear that inflation will remain at 2%. The development of the exchange rate will also play a role."
  • The Prague Municipal Court upheld its earlier verdict in the "Stork's Nest" case, clearing ANO leader Andrej Babis and his aide Jana Nagyova of fraud charges.
  • Worth noting that the Czech Banking Association will publish its new economic forecast at 09:00GMT/10:00CET.
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