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Slovak industry deepens its decline to 4% y/y in May
3 hours ago
Consumer price growth (inflation) in Czechia reached its highest level this year after the country’s statisticians confirmed inflation increased by 2.9% year on year, and by 0.3% month on month, confirming the preliminary estimate released earlier this month.
“This development, as traditionally, came mainly from prices of food and fuels, partially together with the lower last year benchmark,” commented Pavla Šedivá of the Czech Statistical Office (CZSO).
The June 2.9% y/y growth was up by 0.5 percentage points on May, and the analysts surveyed by the Czech Press Agency (CTK) expect a slowdown in the consumer price growth in the upcoming months.
“The [local currency] koruna developments speak in favour of the calming down of inflation in the second half of this year, as well as the price developments of several commodities on the world markets,” head economist at the Generali Investments CEE, Radomír Jáč, was quoted as saying.
Czech National Bank (CNB) projects easing of the price growth, while head economist at Banka Creditas, Pert Dufek, pointed out the price growth in services, which could keep the inflation level above the 2% CNB target level, making the prospect of interest rates easing less likely.
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