Czech National Bank - Annual Report 2005

According to the Czech National Bank's Annual Report 2005, inflation in 2005 was lower than in the previous year.

It was below the lower boundary of the target band in the first eight months of the year and fluctuated in the lower half of the band in the remainder of 2005.

Annual consumer price inflation declined by more than one percentage point at the start of 2005 compared to the end of 2004. For the first time in twelve months inflation thus returned below the 2% level (reaching a low of 1

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