The CNB should leave interest rates unchanged at its October meeting. The inflationary pressures, caused by the growth of the economy in excess of its potential, remain. The most significant risk is represented by the labor market, where the declining unemployment picture is pushing wages up. The increases in the prices of food and oil-related products also threaten to increase the expectations of inflation. However, the strong Koruna is a heavy argument against any monetary tightening. According to the latest comments from the CNB’s board members, the move to higher rates won't get sufficient support to happen this time around.