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Inflation Comes In Above Expectations

CZECHIA
  • Czechia's CPI inflation accelerated to +2.9% Y/Y in April, beating the consensus forecast of +2.4%. Sequential inflation was also hotter than expected, coming in at +0.7% M/M versus +0.2% expected. This means that the Czech National Bank's (CNB's) fresh forecast published less than two weeks ago was off the mark, with their analysts predicting April inflation at +2.5% Y/Y. With headline inflation approaching the upper end of the +/- 1pp tolerance band around the +2.0% Y/Y target is set to provide hawkish arguments to Bank Board members. The central bank will release its comments on the latest inflation data, including estimates of core and monetary policy-relevant inflation. The CZSO said that the acceleration in Y/Y price growth "came mainly from price growth of food, alcoholic beverages and fuels."
  • Defence Minister Jana Cernochova said that last year Czechia spent around CZK10bn less on defence than expected. This year, the government wants to move closer to the NATO target of 2% of GDP from 1.37% last year.
  • Hospodarske Noviny reported that Czechia's governing coalition is discussing ways to encourage military-age Ukrainian men staying in the country to return home and join the fight against the Russian invasion.
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