Bank Board member Miroslav Hrnčíř comments on the February inflation and unemployment figures
8.3.2000
"The consumer price and net inflation outturns in February 2000 confirmed the CNB's expectations
and testify to price stabilisation at a low inflation level. Food prices rose rather more slowly
than expected (month-on-month growth of 0.1%). Nontradables and fuel prices probably had the
biggest share in inflation, but the exact influence of individual commodity groups is the subject
of further more detailed analyses.
"The inflation trend in the first two months of 2000 so far confirms the CNB's predictions that
the inflation risks are not great on the demand side and that prices are growing mainly because of
pressure from a number of cost factors, notably oil prices and their gradual pass-through into
other price groups. At this time, the CNB has no reason to change its forecast for inflation up to
the end of 2000, the mid-value of which is heading just below the lower margin of the inflation
target.
"The unemployment rate was 9.7% at the end of February (against 9.8% in January; CNB prediction
9.9%). One can say preliminarily that the probably reason for the decline in the unemployment rate
in February was the greater-than-expected month-on-month rise in vacancies of 2,400."
Bank Board member Miroslav Hrnčíř comments on the February inflation and unemployment figures
"The consumer price and net inflation outturns in February 2000 confirmed the CNB's expectations and testify to price stabilisation at a low inflation level. Food prices rose rather more slowly than expected (month-on-month growth of 0.1%). Nontradables and fuel prices probably had the biggest share in inflation, but the exact influence of individual commodity groups is the subject of further more detailed analyses.
"The inflation trend in the first two months of 2000 so far confirms the CNB's predictions that the inflation risks are not great on the demand side and that prices are growing mainly because of pressure from a number of cost factors, notably oil prices and their gradual pass-through into other price groups. At this time, the CNB has no reason to change its forecast for inflation up to the end of 2000, the mid-value of which is heading just below the lower margin of the inflation target.
"The unemployment rate was 9.7% at the end of February (against 9.8% in January; CNB prediction 9.9%). One can say preliminarily that the probably reason for the decline in the unemployment rate in February was the greater-than-expected month-on-month rise in vacancies of 2,400."
Responsible:
Pavel Palivec