Czech Republic Final CPI Print Analysis

The final January CPI print for the Czech Republic confirmed a drop in headline inflation to 1.6%yoy, driven by energy and transport. Goldman Sachs predicts the CNB will resume rate cuts later this year to reach a terminal rate of 2.75%.

Key Takeaways

• 1.Final January headline CPI for the Czech Republic was confirmed at +1.6%yoy, down from +2.1%yoy in December.
• 2.The decline in inflation was primarily driven by lower energy and transport costs, though energy prices may see further weakness as price reductions pass through.
• 3.Goldman Sachs remains more dovish than the CNB and consensus, forecasting a terminal policy rate of 2.75% later this year.

Table of Contents

• Monthly Headline and Inflation Breakdown
• Disclosure Appendix
• Reg AC
• Disclosures
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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