Economic commentary by Jaromír Šindel, Chief Economist of the CBA: CPI growth slowed to 2.5% yoy in August, but core inflation accelerated slightly to 2.8% in line with the CNB's forecast. The core services price segment, excluding imputed rent, accelerated month-on-month in August, but its three-month average remains well below the pace observed in H1-2025.
Economics
Latest data on the domestic economy, from gross domestic product to unemployment and inflation
Post-Covid recovery of economic activity
(3mma index against January-February 2020)
1.4
%yoy (01-2025)
July 2025
Comments
Economic commentary by Jaromír Šindel, Chief Economist of the CBA: Although the economy breathed a half-percent growth in the second quarter, the July figures were rather disappointing and suggest a cooling. However, the Czech economy is generating upside risks to inflation, which limits the room for manoeuvre of the CNB, which is likely to stick to the CNB's 3.5% terminal interest rate thesis. August's registered unemployment confirmed a worse trend, which, however, is not confirmed by other data.
Commentary by Miroslav Zámečník, Chief Advisor of the Czech Banking Association
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA (adjusted for published data on core inflation from the CNB and registered unemployment data, 18:00 8 August)
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Significant slowdown in April consumer inflation to 1.8% yoy, but still strong core inflation growth
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Trump's Reciprocal Tariffs, vol. II: Will Trump's reciprocal tariffs maths affect the EU's response?
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
The CNB Bank Board left interest rates unchanged in March.
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromir Šindel, Chief Economist of the CBA
Economic commentary by Jaromír Šindel, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Industry above expectations in August due to the impact of the holidays, stagnated during the summer
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA
Economic commentary by Jakub Seidler, Chief Economist of the CBA