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Retail Sales Decelerates to 2.1% YoY In December

CZECHIA
  • This morning, economic data showed that retail sales decelerated to 2.1% in December (lower than 4.5% expected), down from 9.9% the previous month.
  • Unemployment rate ticked higher to 3.6% in January (up from 3.5% the previous month).
  • International reserves rose to 175.2bn USD in January, up from revised 173.6bn USD.
  • We saw last week that the CNB has now entered into the last phase of the tightening cycle, with the terminal rate expected to reach 5% (at most) in Q1/early Q2 before gradually declining from H2 2022 as inflationary pressures start to ease.
  • Momentum on Czech equities has remained firm in the past two weeks, with the PX Index gradually approaching its 1,454 resistance, which was the high reached in January before the global consolidation in risky assets.
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