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Real Wages Fall 1.2% Y/Y, Slightly Less Than Projected By CNB

CZECHIA
  • Czechia's average real wages fell 1.2% Y/Y in 4Q23 (BBG estimate: -1.1%; CNB forecast: -1.3%), with nominal wage growth of +6.3% Y/Y failing to catch up with inflation. This means that nominal wage growth was marginally faster than projected by the CNB in its most recent Monetary Policy Report (+6.2% Y/Y). It is worth noting that inflation towards the end of 2023 was significantly boosted by the introduction of an energy savings tariff a year earlier.
  • Seznam Zpravy reported that minority CEZ shareholders are planning to form an association and write a petition to protest against the government's approach to managing the utility. The initiators of the protest claim that the state has been abusing its position as a majority shareholder, putting their interests at risk.
  • French President Emmanuel Macron is in Czechia and will meet with President Petr Pavel and Prime Minister Petr Fiala to discuss matters including nuclear energy cooperation and military aid to Ukraine.
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