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Zamrazilova Says Inflation Could Reach Single Digits In June, Supports Stable Rates

CZECHIA
  • In an interview for Seznam Zpravy, CNB Deputy Governor Eva Zamrazilova expressed optimism about the pace of disinflation and reiterated her support for keeping interest rates stable. She told the newspaper that headline inflation should ease below +10% Y/Y in June and could reach +3% Y/Y at the beginning of next year. According to Zamrazilova, raising interest rates would not be effective in speeding up the process, but it is too early to cut them either. Among the main reasons for the inflationary pressures Zamrazilova mentioned Russia's war on Ukraine and fiscally irresponsible policies of the previous administration.
  • The government's proposals to slow the automatic pension hikes and tighten the conditions for early retirement cleared the first hurdle in parliament after a 13-hour debate, which saw opposition lawmakers make good on their vows to deploy obstruction. The amendments will now be sent to a parliamentary committee.
  • There is little of note on Czechia's economic docket today, but Monday will see the release of May CPI data. Economists in a Bloomberg survey expect headline inflation to print at +11.0% Y/Y, while CNB's Zamrazilova said that it could be between +10.0% and +11.0%.
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