The producer price index moved up in November by 0.7% m/m, with the PPI reaching 5.4% y/y. The released data was slightly higher than we had projected. Similar to the cost drivers of previous months, we can see food production costs behind this growth. Also adding to these price increases were refinery products with significant growth in gasoline and diesel prices. These increases are related to the high oil price and problems related to the shutdown of the refinery in Litvinov. The numbers out back our scenario of another early interest rate hike. The CNB could increase rates next week, but we see February as more probable.