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Inflation Falls Into Single-Digit Territory, CNB Comments Awaited

CZECHIA
  • Czechia's CPI inflation slowed to +9.7% Y/Y in June from +11.1% prior, matching the median estimate in a Bloomberg poll. The M/M growth rate stayed at +0.3%, also in line with consensus. Prime Minister Petr Fiala held a special press conference to announce that inflation is now in single digits for the first time since January 2022, "thanks to the fundamental efforts of our government." CNB Deputy Governor Eva Zamrazilova tweeted that the data provides evidence that current monetary policy settings are sufficiently tight. The central bank will publish its official commentary on the latest inflation outturn at 12:00BST/13:00CEST. The data represents yet another miss compared with the CNB's Spring Forecast, which assumed that inflation would print at +10.1% Y/Y in June.
  • Parliament continues its meeting on the first reading of the government's fiscal consolidation package, involving a total of 63 legislative proposals. According to DenikN, the coalition wants the package approved by Sunday, even if the debate would extend into the weekend. Heads of parliamentary groups agreed to breaks between midnight and 9:00 in the morning.
  • Chamber of Deputies Speaker Marketa Pekarova Adamova said that parliament will ratify a defence agreement with the US (the so-called Defence Cooperation Agreement or DCA) at an extraordinary meeting on July 19. The treaty has broad support in parliament, except from the right-wing SPD.
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