The Czech National Bank’s July survey of 14 domestic and two foreign analysts found that average inflation expectations remained unchanged at 2.6% at the one-year horizon and 2.2% at the three-year horizon. Most respondents expected the Bank Board to keep the two-week repo rate at 3.75% at its August meeting, while one anticipated a 25-basis-point increase. Analysts generally expected the policy rate to remain at its current level over the next year amid geopolitical, fiscal and inflation risks. The average gross domestic product growth forecast remained at 2.1% for 2026 and rose by 0.1 percentage point to 2.4% for 2027. Expected nominal wage growth increased slightly to 6.9% for 2026 and remained at 5.6% for 2027. Exchange rate projections changed little, with analysts forecasting the koruna at CZK 24.26 per euro in one month and CZK 24.14 in one year.
Czech National Bank2026-07-27
Czech National Bank survey shows stable inflation expectations and broad support for August rate hold
The Czech National Bank’s July analyst survey kept average inflation expectations at 2.6% over one year and 2.2% over three years. Most respondents expected the two-week repo rate to remain at 3.75% in August, while the 2027 GDP growth forecast edged up to 2.4%.