CNB Bank Board Member Miroslav Hrnčíř comments on the August inflation figures
8.9.2000
The data on both consumer prices and net inflation in August testify to a marked slowdown in
month-on-month price index growth compared with the previous two months. In year-on-year terms, the
levels remain basically stable. These outturns are in line with expectations.
A closer look at the price movement structure in August reveals that the month-on-month increase
was generated primarily by rising prices for meat and meat products, while prices of non-food items
were essentially flat. A sizeable short-term effect from changes in fuel prices was also apparent.
Unlike in previous months, this exerted downward pressure on inflation in August. Overall, though,
the only slow pass-through of cost factors into price indices has been confirmed.
This inflation trend and its characteristics do not give any grounds for revising the present
net inflation and CPI forecasts either for the end of 2000 or for the end of 2001.
CNB Bank Board Member Miroslav Hrnčíř comments on the August inflation figures
The data on both consumer prices and net inflation in August testify to a marked slowdown in month-on-month price index growth compared with the previous two months. In year-on-year terms, the levels remain basically stable. These outturns are in line with expectations.
A closer look at the price movement structure in August reveals that the month-on-month increase was generated primarily by rising prices for meat and meat products, while prices of non-food items were essentially flat. A sizeable short-term effect from changes in fuel prices was also apparent. Unlike in previous months, this exerted downward pressure on inflation in August. Overall, though, the only slow pass-through of cost factors into price indices has been confirmed.
This inflation trend and its characteristics do not give any grounds for revising the present net inflation and CPI forecasts either for the end of 2000 or for the end of 2001.
Responsible:
Milan Tománek
CNB spokesman