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Czech Republic Inflation March 2023

Czech Republic: Inflation recedes in March

Inflation came in at 15.0% in March, which was down from February’s 16.7%. March’s result marked the weakest inflation rate since April 2022. The moderation was broad-based, with reduced price pressures recorded for housing and utilities, food and non-alcoholic beverages, and transportation.

The trend pointed up mildly, with annual average inflation coming in at 16.4% in March (February: 16.2%).

Finally, consumer prices rose 0.14% over the previous month in March, which was below February’s 0.61% rise.

Commenting on the outlook, economists at ING, stated:

“The last CNB minutes sounded quite hawkish, mentioning risks from a potential wage-inflation spiral and tight labour market. Therefore, the expected decline in headline inflation should not be assumed as a signal for any CNB monetary policy loosening. We expect the CNB to keep interest rates unchanged until it is clear that not only headline inflation but also housing prices are contained.”

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