The consumer price index in June rose by 0.3% while year-on-year, the inflation rate moved up slightly to 2.5% from 2.4% in May. Overall, the increase in the level of consumer prices can be attributed to tobacco products and fuels and in both cases it comes as no surprise. The June inflationary increase falls within the numbers supporting the currently expected interest rate scenario. Fast economic growth, an acceleration in wage growth, a better than expected economic scenario abroad and a relatively weak koruna should lead to the expected interest rate hike, possibly as early as in July.