The weak decline in the consumer price inflation and net inflation outturns in November was due
in particular to food price stagnation and a sizeable fall in fuel prices. The food price
developments over recent months have signalled a calming on the food market, reflecting a
continuing slowdown in annual agricultural producer price inflation. This trend should continue in
the months ahead. Fuel prices are responding to world prices of energy-producing raw materials.
Except for the volatile items mentioned above, the November price developments were in line with
the CNB's estimates and indicated relatively stable price movement within the inflation target. In
December 2001, net inflation can be expected to be in the lower half of the inflation target range.
Given the expected favourable external price and cost forecasts, annual consumer price inflation
should fluctuate within the target band for headline inflation during the course of 2002.
The November 2001 Inflation Figures
The weak decline in the consumer price inflation and net inflation outturns in November was due in particular to food price stagnation and a sizeable fall in fuel prices. The food price developments over recent months have signalled a calming on the food market, reflecting a continuing slowdown in annual agricultural producer price inflation. This trend should continue in the months ahead. Fuel prices are responding to world prices of energy-producing raw materials. Except for the volatile items mentioned above, the November price developments were in line with the CNB's estimates and indicated relatively stable price movement within the inflation target. In December 2001, net inflation can be expected to be in the lower half of the inflation target range. Given the expected favourable external price and cost forecasts, annual consumer price inflation should fluctuate within the target band for headline inflation during the course of 2002.
Responsible:
Alice Frišaufová
CNB Spokesperson