The CNB comments on the November 2004 inflation figures
8.12.2004
Inflation in line with the CNB´s forecast in November
According to figures released today by the Czech Statistical Office, consumer prices increased
by 2.9% year on year in November. The relatively fast price growth in October was replaced in
November by a moderation in inflation, which thus returned close to the CNB's October forecast.
This was aided primarily by a decline in prices of food and non-alcoholic beverages. The largest
decline in price growth was recorded by bakery products. The fall in the rate of growth for these
items of the consumer basket confirms the message of the October forecast, which was for lower food
price inflation thanks to this year's very favourable harvest.
A modest drop in fuel prices, caused by the weakening exchange rate of the US dollar, also
contributed to the slowdown in annual inflation. The November price developments in other items of
the consumer basket were subdued and in line with the CNB´s expectations.
Tomáš Holub
Executive Director, CNB Monetary and Statistics Department
The CNB comments on the November 2004 inflation figures
Inflation in line with the CNB´s forecast in November
According to figures released today by the Czech Statistical Office, consumer prices increased by 2.9% year on year in November. The relatively fast price growth in October was replaced in November by a moderation in inflation, which thus returned close to the CNB's October forecast.
This was aided primarily by a decline in prices of food and non-alcoholic beverages. The largest decline in price growth was recorded by bakery products. The fall in the rate of growth for these items of the consumer basket confirms the message of the October forecast, which was for lower food price inflation thanks to this year's very favourable harvest.
A modest drop in fuel prices, caused by the weakening exchange rate of the US dollar, also contributed to the slowdown in annual inflation. The November price developments in other items of the consumer basket were subdued and in line with the CNB´s expectations.
Tomáš Holub
Executive Director, CNB Monetary and Statistics Department