All analysis from category Macro comment
Macro comment
Consumer prices in February: falling food prices, more expensive services
January brought the usual revaluation of most goods and services, but prices calmed down again in February. The consumer price index rose 0.2 percent last month, while annual inflation declined slightly to 2.7 percent.

Macro comment
PMI in February: weak demand from abroad
The business conditions index was below the neutral value of 50 points in February for the thirty-third month in a row, indicating a decline in business activity. On the other hand, this is the highest value since June 2022 and a trend improvement is evident. The seasonally adjusted manufacturing purchasing managers' index rose 1.1 points month-on-month to 47.7 in February.

Macro comment
CNB: Series of interest rate cuts continues
Inflation returned to near the inflation target at the start of the year, while economic growth is far from the shape it was used to. In this situation, monetary conditions needed to be eased further. The CNB therefore decided to cut interest rates by a further 25 basis points. The base repo rate was dropped n 3.75 percent. The Board's vote was unanimous.

Macro comment
Foreign trade in December: Impact of cheap oil
Despite the problems that are holding back the economies of our main trading partners, foreign trade did well at the end of the year. The trade balance was also visibly helped by favourable prices for minerals, especially oil. Foreign trade posted a surplus of CZK 6.8 billion in December. Exports increased by 9.1 per cent year-on-year, while imports rose by 8.5 per cent.

Macro comment
Consumer prices in January: Slight decline in inflation
The start of the year confirmed that the period of high inflation is over. January tends to be a bit erratic as a large number of items in the consumer basket are revalued. This year, however, there was no big drama. The consumer price index rose 1.3 per cent month-on-month, while annual inflation fell to 2.8 per cent.
