The CNB comments on the May 2003 inflation figures
9.6.2003
The monthly and annual stagnation in consumer prices in May constituted a slight downward
deviation from the CNB's April forecast.
The CNB preliminarily associates the rather faster-than-predicted rise in food prices with the
usual seasonal volatility (fruit, vegetables and potatoes). The decline in transport prices is
linked with oil prices and the appreciation of the koruna's exchange rate against the dollar. The
developments in other price categories remain at the lower boundary of those expected and are
signalling no risks of a stronger inflation upturn. The ongoing low-inflation environment continues
to reflect the still strongly anti-inflationary domestic and foreign cost factors, which are
unwinding very slowly.
The CNB comments on the May 2003 inflation figures
The monthly and annual stagnation in consumer prices in May constituted a slight downward deviation from the CNB's April forecast.
The CNB preliminarily associates the rather faster-than-predicted rise in food prices with the usual seasonal volatility (fruit, vegetables and potatoes). The decline in transport prices is linked with oil prices and the appreciation of the koruna's exchange rate against the dollar. The developments in other price categories remain at the lower boundary of those expected and are signalling no risks of a stronger inflation upturn. The ongoing low-inflation environment continues to reflect the still strongly anti-inflationary domestic and foreign cost factors, which are unwinding very slowly.
Alice Frišaufová
CNB spokesperson