INSTANT VIEW 1-Czech Nov PPI dip slightly bigger than forecast

    PRAGUE, Dec 14 (Reuters) - Czech industrial producer prices 
dipped by a slightly more than expected 0.2 percent in November 
from October, taking the annual index (PPI) to 2.0 percent, a 
touch below the consensus market forecast. 
 
KEY POINTS: 
(change in percent)       Nov        Oct        Nov forecast 
 month/month             -0.2        0.0       -0.1 
 year/year                2.0        1.9        2.1 
 
 (For full table of data...........................[nPRA001083) 
 
- Crude oil refinery costs fall 1.5 percent month-on-month, 
extending their decline to the fourth consecutive month. 
- Factory-gate costs in the food industry ease 0.9 percent, 
while chemicals prices drop 0.6 percent. 
- Basic metals and metallurgy prices rise 0.3 percent. 
- Agriculture producer prices fall 0.6 percent in November from 
October to post a 1.3 percent year-on-year increase, down from a 
1.9 percent annual gain a month earlier. 
 
BACKGROUND: 
- Industrial PPI and agriculture producer prices are watched 
closely by the markets as leading indicators for consumer 
inflation which is targeted by the Czech central bank (CNB). 
- However, analysts have pointed out the pass-through of changes 
in production costs into overall consumer prices has been 
limited in recent months. 
 
- Nov consumer inflation                         [ID:nL08309748] 
- Oct industrial output figures                  [ID:nL12357215] 
- Report on last Czech c.bank rate decision       [ID:nL3091748] 
                                 [ID:nPRA001058] [ID:nPRA001059] 
 
LINKS: 
- For further details on November producer prices and past data, 
Reuters 3000 Xtra users can click on the statistical bureau's 
Website: 
    http://www.czso.cz/eng/csu.nsf/kalendar/2004-ipc 
 
- For LIVE Czech economic data releases, click on       <ECONCZ> 
- 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                <CZKVIEW> 
- Czech money guide                                      <CZK/1> 
- Czech benchmark state bond prices                   <0#CZBMK=> 
- Czech forward money market rates                      <CZKFRA> 
 
 ((Writing by Marek Petrus; Editing by Alan Crosby; 
prague.newsroom@reuters.com; Reuters Messaging: 
marek.petrus.reuters.com@reuters.net; +420 224 190 477)) 
  Keywords: CZECH ECONOMY/PRICES