République tchèque Taux d'intérêt

The Czech National Bank left its two-week repo rate unchanged at 3.5% in November 2025, in line with market expectations, marking a fourth straight pause as an easing cycle lost steam amid inflationary pressures from services and wages. Headline inflation rose to 2.5% in October, above forecasts but still within the CNB’s 2% ±1 percentage point target range, while service-sector inflation remained elevated at 4.6%, and wages continued to rise in a rebounding economy. GDP expanded 2.7% year-on-year in Q3, the fastest pace since Q2 2022. The Finance Ministry upgraded its forecasts to 2.4% for 2025 and 2.2% for 2026, citing stronger-than-expected wage growth. The newly elected government has signaled plans for increased fiscal spending, though detailed measures are yet to be unveiled. Against this backdrop, the CNB maintained a cautious, wait-and-see approach, balancing inflationary risks with the need for clarity on the government’s fiscal trajectory.