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Rate Cuts Delayed To 2023 (Rusnok)

CZECHIA
  • Yesterday, CNB Governor Rusnok mentioned in an interview that he now sees Czech rate cuts delayed until 2023 due to the elevated inflationary pressures.
  • Czech inflation could peak around 13%/14% in the near term (up from 10%/11% previous forecasts) according to the CNB.
  • This morning, economic data showed that Czech PPI accelerated to 21.3% in February (vs. 20.4% exp.), the highest level since January 1992, and up from 19.4% the previous month.

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