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Michl Urges Industry to Contain Wage Growth

CZECHIA
  • CNB governor Michl spoke over the weekend flagging that nominal wage growth across the country should be capped at around 5% across 2023 to contain any wage-price spiral threats and feed through to headline inflation.
  • Elsewhere, in a TV interview, CNB vice governor Zamrazilova outlined the view that inflation is beginning to slow and “exhaust itself” as high energy bills and interest rates are curbing consumer spending elsewhere.
  • Zamrazilova adds that households have been switching spending patterns to cheaper goods, a trend not necessarily reflected in headline inflation readings.
  • The government’s windfall tax should stand up against potential legal challenges at the constitutional court, according to the legal minister in Hospodarske Noviny.
  • Current account balance data crosses later today, with industrial PPI a focus on Wednesday.
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