Economic policy
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
Inflation accelerates; CNB will fasten interest rate hikes
Inflation in August again surprised significantly upward above all expectations. Services are becoming more expensive, but price increases are running across the consumer basket. Rising inflation may be largely a temporary phenomenon, but fears of rising inflation expectations are likely to force the CNB to tighten monetary policy more quickly. At the end of September, we expect the CNB's key rate to increase 50 basis points to 1.25%.
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AmCham Health Care Council met with Minister Adam Vojtěch
AmCham Health Care Council Co-Chair Tomáš Březina of Amgen led a meeting with Minister Vojtěch and Deputy Minister Martina Koziar Vašáková on covid vaccination policy, major disease prevention, and digitization. Jana Břeská of Amazon Web Services, Martin Koníř of KPMG, Nelly Tomčíková of AmCham and Weston Stacey of AmCham also attended the session.
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Wage growth was optically raised by comparison base
The average gross monthly wage increase 11.3% in nominal terms in the second quarter, and 8.2% in real terms. It thus exceeded our and market expectations. Conversely, the central bank, which expected nominal wage growth of 12%, may be satisfied with its estimate. However, wage developments were significantly affected by last year's low comparison base. After seasonal adjustment, wage growth reached only 1.2% in a qoq comparison, which can certainly not be considered rapid dynamics. In addition, the payment of extraordinary rewards in healthcare largely contributed. The median wage in the second quarter was CZK32,408.kom
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