Update of the inflation forecast

8th Situation Report 2025

In line with the autumn forecast, observed inflation remained close to the CNB’s 2% target in Q4. Core inflation was also consistent with the forecast and continued to be elevated, due mainly to services inflation. Headline inflation will be close to the inflation target over the entire outlook. This will be aided by the deferral of the introduction of the ETS 2 emissions trading system from 2027 to 2028.