Inflation Report – III/2020

I. Summary (xlsx, 142 kB)
II. The forecast, its changes and risks
- II.1 Developments abroad and external assumptions of the forecast (xlsx, 281 kB)
  - II.1.1 Economic developments abroad
  - BOX 1 High-frequency indicators of economic activity during the Covid-19 pandemic (xlsx, 32 kB)
  - II.1.2 Price developments abroad
  - II.1.3 Financial developments abroad
- II.2 The forecast (xlsx, 370 kB)
  - II.2.1 Inflation and monetary policy
  - II.2.2 Costs and the labour market
  - II.2.3 Economic activity
  - II.2.4 The balance of payments
  - II.2.5 Fiscal developments
- II.3 Comparison with the previous forecast (xlsx, 136 kB)
- II.4 Risks and uncertainties of the forecast (xlsx, 61 kB)
  - II.4.1 Risks perceived by the CNB
  - II.4.2 Risks signalled by other entities’ forecasts
III. Current economic developments
- III.1 Inflation and inflation target fulfilment (xlsx, 223 kB)
  - III.1.1 Fulfilment of the inflation target
  - III.1.2 Consumer prices
  - III.1.3 Import prices and producer prices
- III.2 Economic developments (xlsx, 230 kB)
  - III.2.1 The cyclical position of the economy
  - III.2.2 The expenditure side of the economy
  - III.2.3 The output side of the economy
- III.3 The labour market (xlsx, 544 kB)
  - III.3.1 Employment and unemployment
  - III.3.2 Wages and productivity
- III.4 Financial and monetary developments (xlsx, 712 kB)
  - III.4.1 Monetary policy and interest rates
  - BOX 2 The CNB’s measures in response to the Covid-19 pandemic (xlsx, 174 kB)
  - III.4.2 The exchange rate
  - III.4.3 Credit
  - III.4.4 Money