All analysis from category Macro comment
Macro comment
Consumer prices in August: More expensive housing, cheaper gasoline
Inflation is losing strength. For now. Last month, prices rose at the slowest pace this year. The consumer price index rose 0.4 percent month-on-month in August, while annual inflation slowed from 17.5 percent to 17.2 percent.
Macro comment
Unemployment in August: Rise again
The share of unemployed persons in the 15-64 population increased by 0.1 percentage point to 3.4% in August. 252 thousand jobseekers were registered at the labour offices, 11 thousand more than in July. Unemployment tends to be rather stagnant in August. The labour market situation thus deteriorated slightly in August (according to our estimate, the seasonally adjusted unemployment rate increased from 3.4% to 3.5%).
Macro comment
Retail in July: Households are forced to continue saving
Due to the energy crisis, households have to continue to reduce consumption, which is being reflected in retail figures. Declines have been seen in most industries and with high inflation, a change in behaviour cannot be expected in the near term.
Macro comment
Trade balance in July: still in deficit
In July, the balance of foreign trade exhibited a deficit of CZK 22.8 billion, a year-on-year deterioration of CZK 12.4 billion. The cumulative deficit for the first 7 months already exceeds CZK 100 billion. Exports were relatively buoyant with growth of 10.2% y-o-y, but imports grew by 13.8%.
Macro comment
Industry in July: Continued stagnation despite improvement in the automotive sector
Industrial production continues to stagnate thanks to the automotive sector, which is showing strong growth. However, this is due to a low comparative base. Most other industries have shown a year-on-year decline and this will continue due to the drop in demand related to the energy crisis.
