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Inflation Moderates More Than Forecast

CZECHIA
  • The koruna sold off early doors as Czechia's CPI inflation undershot expectations in May, with prices rising by 2.6% Y/Y and unchanged from the previous month. The median estimates in a Bloomberg survey were +2.8% Y/Y and +0.1% M/M respectively. The CNB pencilled in +2.5% Y/Y in its Spring Forecast, but their projection was off the mark in April, when inflation at +2.9% Y/Y overshot the +2.5% estimate. The central bank will release its comments on the latest inflation data at 12:00BST/13:00CEST.
  • Prime Minister Petr Fiala said that several EU member states have uncovered information tat Russian secret services were planning saabotage actions across the bloc. He suggested that last week's failed arson attack on public buses in Czechia may have been inspired by Russia, noting that "there is a suspicion that the attack was organised and financed most likely from" Moscow as part of a "hybrid war."
  • Seznam Zpravy reported that Industry and Trade Minister Jozef Sikela now has the upper hand over Danuse Nerudova in the race for the European Commissioner position, because Nerudova's performance failed to boost STAN's results in the recent European election. Party executives will discuss the nomination next week, before submitting it to the full government for approval.
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