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Czech Republic Inflation January 2024

Czech Republic: Inflation drops to lowest level since February 2021 in January

Inflation came in at 2.3% in January, which was down from December’s 6.9%. January’s result represented the weakest inflation rate since February 2021. Looking at the details of the release, prices for housing and utilities rose at a softer clip, while price for food and non-alcoholic beverages dropped at the sharpest pace since November 2009.

In addition, the trend pointed down, with annual average inflation coming in at 9.4% in January (December: 10.7%).

Finally, consumer prices increased 1.49% in January over the previous month, swinging from December’s 0.40% drop. January’s uptick was the highest reading since January 2023.

Commenting on the release, ING’s Frantisek Taborsky stated:

“Inflation surprised to the downside in January, a win for the Czech central bank given the seasonal volatility we see at the start of the year. The focus now shifts to core inflation, which remains above target, and weak FX may threaten further CNB rate cuts. However, today’s numbers pave the way for 75 basis points of rate cuts at the next meeting.”

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