How the Czech National Bank brought inflation down from 18% to 2% in two years

Governor Aleš Michl on the road to 2% inflation and future profitability

The Czech National Bank
The Czech National Bank

The Czech National Bank (CNB) uses unusual indicators when looking to reduce inflation, governor Aleš Michl said at the Central Banking Summer Meetings in London on June 13. Electricity consumption, motorway toll collection and online searches for unemployment benefits were all taken into account, he said.

The approach seems to have paid off. 

“In my very first speech when I was appointed [in July 2022], I promised the public that we would bring inflation down from 18% to the target of 2% within

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