INSTANT VIEW 1-Czech Sept PPI shows unexpected monthly fall

    PRAGUE, Oct 13 (Reuters) - Czech industrial producer prices 
unexpectedly fell by 0.2 percent in September from August, 
slashing the annual index (PPI) to 2.4 percent, below consensus 
market expectations. 
 
KEY POINTS: 
(change in percent)       Sept       Aug        Sept forecast 
 month/month             -0.2        0.3        0.0 
 year/year                2.4        2.7        2.5 
 
 (For full table of data...........................[nPRA000975]) 
 
- The monthly drop reflects a 5.7 percent fall in crude oil 
refirnery costs on lower global prices. Chemicals prices show a 
1.2 percent decline. 
 
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. 
 
- Sept consumer inflation        [ID:nL09207227] [ID:nL09819912] 
- Aug industrial output figures                   [ID:nL1264101] 
- Report on last Czech c.bank rate decision      [ID:nL27342627] 
                                 [ID:nL27365976] [ID:nPRA000961] 
 
LINKS: 
- For further details on September 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: ECONOMY CZECH PRICES