Update of the inflation forecast

6th Situation Report 2025

The inflation outlook contained in the summer forecast is broadly materialising. Observed headline inflation was slightly below the forecast in Q3, mainly due to food prices. Core inflation was in line with the forecast and remained above average. Headline inflation will be slightly above the CNB’s 2% target for the rest of this year. Inflation will fall next year and will be close to the inflation target over the monetary policy horizon.