The CNB comments on the August 2003 inflation figures
8.9.2003
Annual consumer price inflation in August deviated downwards (by 0.3 percentage points) from the
CNB's July forecast, owing to a decline in the food price level in both July and August. Other
prices (regulated prices and adjusted inflation) were in line with the central bank's July
prediction.
As expected, food prices were lower than a month earlier in August. However, their seasonal
decline was more pronounced, among other things because of movements in prices of traditionally
volatile items (fruit, vegetables and potatoes).
The almost zero rise in regulated prices and adjusted inflation reflects the ongoing
low-inflation environment and the only gradually unwinding anti-inflationary domestic and foreign
cost effects (import prices were still falling year-on-year in 2003 Q2).
The CNB comments on the August 2003 inflation figures
Annual consumer price inflation in August deviated downwards (by 0.3 percentage points) from the CNB's July forecast, owing to a decline in the food price level in both July and August. Other prices (regulated prices and adjusted inflation) were in line with the central bank's July prediction.
As expected, food prices were lower than a month earlier in August. However, their seasonal decline was more pronounced, among other things because of movements in prices of traditionally volatile items (fruit, vegetables and potatoes).
The almost zero rise in regulated prices and adjusted inflation reflects the ongoing low-inflation environment and the only gradually unwinding anti-inflationary domestic and foreign cost effects (import prices were still falling year-on-year in 2003 Q2).
Alice Frisaufova
CNB spokesperson