Inflation target

At its meeting today, the CNB Bank Board decided to set the end-1999 target for net inflation at 4.5% ± 0.5 percentage points. This monetary policy target is based on the inflation outlook for the next year, which expects year-on-year CPI inflation of 6% - 7% in December 1999 and only the current extent of deviations in the main economic indicators.

Detailed information on the inflation target will be the subject of a press conference to be held on Friday 27 November 1998 at 10.00 a.m. at the CNB - Darex, Václavské nám. 11, Praha 1.

CNB - M. Švehla