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Financial News: ING: Weaker Czech Inflation Unlikely To Impact CNB's

ING: Weaker Czech Inflation Unlikely To Impact CNB's Hawkish Outlook

08/09/2018 - 05:41:00 (RTTNews)

(RTTNews) - Inflation in the Czech Republic slowed in July mainly due to lower food prices and core inflation accelerated, suggesting the easing will not be a game changer for the Czech National Bank's hawkish outlook for the year, Jakub Seidler, ING Bank's chief economist for the country, said.

Inflation slowed to 2.3 percent in July from 2.6 percent in June, official data showed Thursday. Food prices fell 0.1 percent year-on-year, marking the lowest annual print since the end of 2016.

"Given the current favourable economic conditions, pro-inflationary risks stemming from an overheated labour market, a still relatively weak Czech koruna and recent CNB forecast indicating the need for further monetary tightening, we believe that one more rate hike this year is a done deal," Seidler said. "If the koruna's appreciation remains muted, we could even see two hikes by the end of the year."

On August 2, the Czech central bank hiked its key interest rate for a third time this year on inflationary concerns. The Bank Board of the Czech National Bank raised the benchmark 2-week repo rate by 25 basis points to 1.25 percent.

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