We expect to see another interest rate hike very soon. However, there is a slightly higher probability that this will come at the CNB’s meeting in February, according to our estimates. Another tightening of monetary policy is expected to counter the growing inflationary trend in consumer and production prices, the rapidly growing retail sales, household consumption, level of corporate investment and the fairly strong rate of growth in industrial production. The CNB will also be considering the direction of the CZK rate, which has seen some correction in the last few days. There is also the continuing crisis on financial markets related to doubts about enough liquidity on money markets at the end of the year to be considered. In addition, in February, the CNB should have a more information on the rate of inflation and economic growth.