The CNB comments on the March 2006 inflation figures
Only food prices differ from the CNB's forecast
According to figures released today, annual inflation remained unchanged in March 2006 at the
February level of 2.8%. Inflation thus stood only slightly below the CNB's target of 3%, within the
tolerance band of ±1 percentage point.
In month-on-month comparison, inflation fell in March by 0.1 percentage point. Except for a
seasonal decrease in prices of package holidays, movements in traditionally volatile food prices
and a rise in prices in the health category, the price movements were only moderate.
Annual inflation was 0.1 percentage point lower than the CNB's January forecast. This deviation
was due solely to lower prices in the food, beverages and tobacco category. Other price categories
were either fully in line with the forecast (as in the case of adjusted inflation excluding fuels)
or only slightly higher. Overall, then, it can be said that the expected price path is so far
broadly materialising, with no signs of major demand-pull inflationary pressures.
Tomáš Holub
Executive Director, Monetary and Statistics Department
The CNB comments on the March 2006 inflation figures
Only food prices differ from the CNB's forecast
According to figures released today, annual inflation remained unchanged in March 2006 at the February level of 2.8%. Inflation thus stood only slightly below the CNB's target of 3%, within the tolerance band of ±1 percentage point.
In month-on-month comparison, inflation fell in March by 0.1 percentage point. Except for a seasonal decrease in prices of package holidays, movements in traditionally volatile food prices and a rise in prices in the health category, the price movements were only moderate.
Annual inflation was 0.1 percentage point lower than the CNB's January forecast. This deviation was due solely to lower prices in the food, beverages and tobacco category. Other price categories were either fully in line with the forecast (as in the case of adjusted inflation excluding fuels) or only slightly higher. Overall, then, it can be said that the expected price path is so far broadly materialising, with no signs of major demand-pull inflationary pressures.
Tomáš Holub
Executive Director, Monetary and Statistics Department