Economic policy / Macroeconomic Indicators, Economic Growth
This section reports on economic policy initiatives of the Czech government, the EU, and other entities that have a direct impact on the competitiveness of the country. It also includes information on economic priorities of the AmCham and other leading associations.
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Spotlight issue
Czech retail sales were hit hard by the closure of shops
The closure of shops brought a significant drop in November retail sales. Sales in clothing and footwear stores decreased 78% year-on-year. However, the food segment did not escape the declines, either, and car sales also fell sharply. The easing of restrictive measures in December gives hope that the December figure could turn out better.
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Czech Republic: December inflation lower
Czech inflation slowed down more than expected in December to 2.3% year-on-year amid lower prices of food. November sales in retail and services were impacted by the lockdown, though less than in April
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Inflation is hampered by cheaper food, with core inflation remaining high
Due to a fall in food prices, inflation slowed down more than expected. Core inflation remains elevated. We still expect inflationary pressures will ease due to weakened demand. At the beginning of the year, inflation should be below 2%. Inflation is below market and CNB expectations, and speculation on future rate hikes is declining.
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