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ING on Czech CPI and CNB

  • Inflation continues July's story of unclear pass-through of energy prices to the CPI.
  • In ING view, however, the peak in inflation is ahead, not behind us as it might appear at first glance.
  • The CNB is in a comfortable position at the moment and ING expects a continuation of its dovish tone.
  • ING forecast thus remains unchanged, i.e. no more rate hikes in this cycle.

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