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Interest Rates to Be Hiked Gradually Until Inflationary Pressures Ease

CZECHIA
  • According to the CNB minutes of the August 5 policy meeting, the board agreed (in majority) that the clear movement of inflation above the target required a monetary policy response.
  • Interest rates in Czech Republic will continue to be raised gradually until inflationary pressures ease and CPI inflation converges back toward its 2% target.
  • The CNB is very likely to raise its policy rate by another 25bps at its next meeting on Sep. 30.
  • Next important economic data to watch will be PPI inflation coming out on August 16 (expected to increase to 6.7% in July).

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