Czech National Bank raises rates

As widely expected the Czech National Bank (CNB) today raised its main interest rate by 25 basis points to 3% in an ongoing rate tightening cycle.

The decision was based on the central bank's new quarterly forecast, which analysts interpret as indicating a likely rise in inflation over the coming 18 months.

In June inflation was at 2.5%, half a percentage point over what the central bank had projected in its last forecast in April. The CNB's inflation target is 3% with 1% leeway either side of

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