February 10, 2017 / 12:12 PM / 8 months ago

Czech central bank says January CPI pro-inflationary risk to forecast

PRAGUE, Feb 10 (Reuters) - Czech January inflation data were 0.3 percentage points above the central bank’s forecast mainly due to a rise in a core inflation rate, the adjusted inflation excluding fuels, the central bank said on Friday.

The data represents slightly pro-inflationary risk to the bank’s current economic forecast, it said.

The bank’s board has said it expected to remove a cap it has held on the crown exchange rate strength in mid-2017 as inflation rises above its 2 percent target.

Year-on-year price growth accelerated to 2.2 percent in January, data showed earlier on Friday, above the bank’s expectation of 1.9 percent.

Most analysts expect the bank to remove the exchange rate cap already during the second quarter. (Reporting by Jan Lopatka)

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