The CNB comments on the August 2009 inflation figures
Inflation comes in below the CNB forecast
According to figures released today, annual inflation reached 0.2% in August 2009, which is the same figure as that for monetary-policy relevant inflation , i.e. inflation adjusted for the first-round effects of changes to indirect taxes. This means that it stayed deeply below the lower boundary of the tolerance band set by the CNB around its target of 3%.
Annual headline inflation in August 2009 was 0.3 percentage point lower than the current CNB forecast. Part of this deviation appeared already in July this year. This deviation from the forecast observed in August was attributable most, as was the case in the previous month, to food prices and adjusted inflation excluding fuels By contrast, fuel prices were higher than forecasted. Regulated prices developed roughly in line with the forecast
The slowdown in inflation observed in recent months is in line with the CNB´s expectations, that inflation will stand at low, however still positive values in the second half of this year and at the beginning of next year. Inflation should gradually increase to its new inflation target of 2% in 2010.
Petr Vojtíšek, Deputy Executive Director, Monetary and Statistics Department
The CNB comments on the August 2009 inflation figures
Inflation comes in below the CNB forecast
According to figures released today, annual inflation reached 0.2% in August 2009, which is the same figure as that for monetary-policy relevant inflation , i.e. inflation adjusted for the first-round effects of changes to indirect taxes. This means that it stayed deeply below the lower boundary of the tolerance band set by the CNB around its target of 3%.
Annual headline inflation in August 2009 was 0.3 percentage point lower than the current CNB forecast. Part of this deviation appeared already in July this year. This deviation from the forecast observed in August was attributable most, as was the case in the previous month, to food prices and adjusted inflation excluding fuels By contrast, fuel prices were higher than forecasted. Regulated prices developed roughly in line with the forecastThe slowdown in inflation observed in recent months is in line with the CNB´s expectations, that inflation will stand at low, however still positive values in the second half of this year and at the beginning of next year. Inflation should gradually increase to its new inflation target of 2% in 2010.
Petr Vojtíšek, Deputy Executive Director, Monetary and Statistics Department