INSTANT VIEW 1-Czech CPI jumps to 6-year high in November

...six-year high 
of 5.0 percent from 4.0 percent a month earlier. 
**************************************************************** 
KEY POINTS: 
(pct change)          Nov          Oct          Nov forecast 
 month/month          0.9          0.6          0.4 
 year/year            5.0          4.0          4.5 
 
 CENTRAL BANK FORECAST: The figure comes in well above the 
central bank's forecast which envisaged a 3.6-4.2 percent annual 
rate for November in its quarterly projection made in October. 
 
 Details of November inflation data.................[nPRA001656] 
 Details of November jobless data...................[nPRa001657] 
 
- The year-on-year inflation rate is the highest since August 
2001. 
- The monthly gain driven by a 4.0 percent rise in food prices, 
the sharpest increase since January 1993. 
- Fuel prices up 2.9 percent month-on-month. 
- Prices for alcohol and tobacco up 0.8 percent on the back of a 
2.8 percent rise in beer prices and a 0.6 percent increase in 
tobacco products prices. 
 
BACKGROUND: 
- The central bank increased the key two-week repo rate by 25 
basis points to 3.50 percent  in November. 
- Report on last Czech c.bank rate decision      [ID:nL29206268] 
                                  [ID:nPRA001631] [ID:n29679528] 
- The central bank (CNB) targets headline inflation which it 
seeks to keep at 3 percent year-on-year, allowing for 
fluctuations by plus/minus one percentage point from this level. 
- The CNB's quarterly prediction sees consumer prices rising 
4.4-5.8 percent year-on-year in September 2008 and 3.1-4.5 
percent in March 2009, consumer inflation net of impact of 
indirect tax changes rising 2.5-3.9 percent year-on-year in 
September 2008 and 2.6-4.0 percent in March 2009. 
 
LINKS: 
- For further details on November other past inflation data, 
Reuters 3000 Xtra users can click on the Czech Statistical 
Bureau's website: 
    http://www.czso.cz/eng/csu.nsf/kalendar/2004-ISC 
 
- For LIVE Czech economic data releases, click on        
- Instant Views on other Czech data                 [CZ/INSTANT] 
- Overview of Czech macroeconomic indicators            [CZ/ECI] 
 
- Key data releases in central Europe    [CEE-CONVERGENCE-WATCH] 
- For Czech money markets data click on                 
- Czech money guide                                       
- Czech benchmark state bond prices                    
- Czech forward money market rates                       
 
 (Reporting by Marek Petrus; editing by Tony Austin) 
  
  Keywords: CZECH ECONOMY/INFLATION  
    

[PRAGUE/Reuters/Finance.cz]