undefined
Our website uses cookies. We need your consent to use cookies relating to preferences, statistics and marketing. You can also use our website with necessary cookies only; in that case, however, some services (e.g. YouTube) may not function correctly.
You can find detailed information on the cookies we use in the Information on cookies processing.
Necessary cookies enable basic functions such as accessibility and security.
| Name | Domain | Expiration | Description |
|---|---|---|---|
| cc_cookie | cnb.cz | 1 year | Used to establish a session with the cookie bar after our website is loaded for the first time, including the management of your settings regarding consent to the use of cookies on our website. |
| YSC | youtube.com | Valid during the session, i.e. during the time you are viewing our website. | Used to remember your access and integrate your YouTube actions. |
| PREF | youtube.com | 2 years | Used by YouTube for storing your preferences and other unspecified purposes. |
| JSESSIONID | cnb.cz | Valid during the session, i.e. during the time you are viewing our website. | We use it to maintain an anonymous user session on the part of the server. |
Statistics cookies help us understand how you use our website and how we can improve it.
| Name | Domain | Expiration | Description |
|---|---|---|---|
| _ga | cnb.cz | 2 years | Helps us understand how you use our website. Used to distinguish between individual users. |
| _gat | cnb.cz | 1 minute | Helps us understand how you use our website. Used to limit the speed and frequency of requests. |
| _gid | cnb.cz | 24 hours | Helps us understand how you use our website. Used to distinguish between individual users. |
| _utma | google.com | 2 years | Helps us understand how you use our website. Used to distinguish between users and sessions. The cookie file is created upon the launch of a javascript library if no _utma cookie files currently exist. The cookie file is updated every time data are sent to Google Analytics. |
Preferences cookies enable the setting of your preferences and content displayed on the website (e.g. language, number of search results per page).
| Name | Domain | Expiration | Description |
|---|---|---|---|
| 1P_JAR | google.com | 1 month | Sets a unique ID for storing your preferences and other information such as website statistics and tracking conversion rates. |
| OGPC | google.com | 1 month | Used to manage your preferences in Google. The cookie file saves your preferences and user information every time you visit a website containing Google Maps. |
| NID | google.com | 6 months | Used to manage your preferences in Google. The cookie file contains a unique ID used by Google to remember your settings and other information, e.g. your preferred language and how many search results per page you want to view. |
| VISITOR_INFO1_LIVE | youtube.com | 6 months | Used to manage your preferences on YouTube. The cookie file contains a unique ID used by YouTube to remember your settings and other information, e.g. your preferred language and how many search results per page you want to view. In addition, it helps detect and remove problems with the service. |
| CONSENT | youtube.com | 20 years | Used by YouTube to store your consent to the use of third-party content. |
| cc_youtube | cnb.cz | 1 year | Used to manage your preferences regarding consent to the use of cookies related to viewing YouTube video content on our website. |
Marketing cookies enable the display of ads that may be of greater relevance and interest to you.
| Name | Domain | Expiration | Description |
|---|---|---|---|
| IDE | doubleclick.net | 13 months | Used to display ads on YouTube. |
Inflation in line with the CNB’s forecast and just below the upper boundary of the tolerance band in May 2021
The CNB comments on the May 2021 inflation figures
According to figures released today, the price level increased by 2.9% year on year in May 2021. Inflation was thus lower than in April, just below the upper boundary of the tolerance band around the CNB’s target. Consumer price inflation adjusted for the first-round effects of changes to indirect taxes reached 2.6% year on year in May.
The May annual consumer price inflation figure was in line with the CNB’s current forecast. Core inflation rose slightly faster than forecasted. A somewhat stronger increase in fuel prices acted in the same direction, linked with higher-than-expected oil prices. This deviation was offset by lower-than-forecasted food price inflation, which has been highly volatile in recent months. The first-round effects of the increase in excise duty on cigarettes were slightly lower than predicted. In line with the forecast, administered prices were flat year on year.
The published data bear out the message of the CNB’s current forecast. According to the forecast, annual consumer price inflation will temporarily accelerate towards the upper boundary of the tolerance band. This will be due to a sharp year-on-year increase in fuel prices, later supported also by buoyant growth in food prices, and also renewed growth in administered prices at the end of the year. Core inflation will fall only gradually from the current elevated levels. Its decline will be slowed by significant domestic demand pressures and brisk growth in industrial prices abroad. The overall inflation pressures will start to ease in the autumn as the current elevated growth of import prices subsides. Conversely, domestic price pressures will rise slightly owing to the current reopening of the domestic economy and a gradual pick-up in wage growth. Inflation will return close to the CNB’s 2% target next year, aided by a gradual tightening of the monetary conditions from roughly the middle of this year onwards.
Luboš Komárek, Deputy Executive Director, Monetary Department