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Morning Summary: CPI Inflation Ticks Higher To 2.3% In March

CZECHIA
  • As Covid cases have significantly dropped in the past 6 weeks (the 7D SMA of daily new cases has now dropped below 4,000), the government decided to lift some of the restrictions, removing the nighttime curfew and the ban on travel between counties.
  • Czech Foreign Minister Tomas Petricek was dismissed from his position on Monday; reasons for dismissal are split between Czech top officials criticizing him for opposing the use of Russian and Chinese vaccines, and due to his harsh criticism of currency party leader Hamacek. Last week, it was Czech Health Minister Jan Blatny who was fired after refusing to support efforts to purchase Russian vaccine.
  • This morning, CPI inflation rose to 2.3% in March (slightly less than 2.4% exp.), up from 2.1% the previous month. At 12pm (London time), the CNB will comment on inflation data, and is very likely to mention like the other CEE CBs that CPI inflation is expected to rise above the upper tolerance band of 3-percent in the ST but that the spike will only be temporary and that inflationary pressures will ease in the second half of this year.
  • Czech also recorded a slightly lower than expected Current Account Surplus in February of 24.28bn CZK (vs. 28.35bn exp.).
  • At 1pm (London time), the lower chamber of parliament starts sessions (BBG).
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