CNB forecast – Autumn 2025
This forecast, which was prepared by economists from the Monetary Department, was published on 6 November 2025 and (with some exceptions) is based on the data available as of 24 October 2025.
| 2025 | 2026 | 2027 | |
|---|---|---|---|
| Inflation (%) | 2.5 | 2.2 | 2.5 |
| Gross domestic product (annual changes in %) | 2.3 | 2.4 | 2.8 |
| 3M PRIBOR interest rates (%) | 3.5 | 3.5 | 3.8 |
| CZK/EUR exchange rate | 24.7 | 24.6 | 24.6 |
Note: Forecast in bold
Inflation (in %)
Inflation in 2025 Q4 and at the monetary policy horizon
| October 2025 | November 2025 | December 2025 | 2026 Q4 | 2027 Q1 | |
|---|---|---|---|---|---|
| 2.2% | 2.2% | 2.3% | 2.3% | 2.5% |
Inflation will be close to the 2% target over the next few quarters and pick up slightly at the start of 2027.
Gross domestic product (annual changes in %)
Growth in domestic economic activity will be above 2% this year and next year.
3M PRIBOR interest rates (in %)
Consistent with the forecast is broad stability of short-term market interest rates over the next few quarters, followed by a gradual increase in rates.
CZK/EUR Exchange rate
The koruna will be broadly stable over the outlook horizon.
