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PPI Inflation Decelerates to 13.2% YoY In December

CZECHIA
  • This morning, economic data showed that Czech PPI inflation decelerated slightly to 13.2% YoY in December (vs. 13.9% exp.), down from 13.5% the previous month.
  • Last week, CNB Governor Rusnok mentioned in an interview with Ekonom that it is 'hard to imagine' Czech rates above 5%.
  • He added that it is difficult to predict how much more the policy rate needs to be raised given the current environment.
  • CNB member Mora also mentioned during an interview that Czech rates may reach 4.5%/4.75% in the first quarter of 2022. 5% is less likely according to the policymaker.
  • We saw that CZK NEER (nominal effective exchange rate) is now trading at its highest level since August 2008 following the significant recent appreciation.
  • CZK strength has been beneficial for Czech policymakers as a strong domestic currency anchors inflation expectations.
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