The CNB comments on the March 2005 inflation figures
Price developments influenced by food prices and the exchange rate
According to figures released today, consumer prices increased by 1.5% year on year in March.
This confirms that inflation is moderate at the beginning of this year and will remain below 2%
year on year for some time.
Prices dropped by 0.1% compared to February, which was in line with the CNB´s current forecast.
Fuel prices were higher than forecasted due to developments in world oil prices, but this deviation
was offset by other non-food prices.
Annual inflation remains slightly below the CNB´s forecast, pushed downwards mainly by a
slowdown in food prices and an appreciation of the exchange rate. These influences outweigh the
impacts of expensive oil. Newly available data does not indicate that demand-pull inflationary
pressures are present in the Czech economy.
Tomáš Holub Executive Director, Monetary and Statistics Department
The CNB comments on the March 2005 inflation figures
Price developments influenced by food prices and the exchange rate
According to figures released today, consumer prices increased by 1.5% year on year in March. This confirms that inflation is moderate at the beginning of this year and will remain below 2% year on year for some time.
Prices dropped by 0.1% compared to February, which was in line with the CNB´s current forecast. Fuel prices were higher than forecasted due to developments in world oil prices, but this deviation was offset by other non-food prices.
Annual inflation remains slightly below the CNB´s forecast, pushed downwards mainly by a slowdown in food prices and an appreciation of the exchange rate. These influences outweigh the impacts of expensive oil. Newly available data does not indicate that demand-pull inflationary pressures are present in the Czech economy.
Tomáš Holub
Executive Director, Monetary and Statistics Department