The inflation rate will have come down slightly in February to 7.4% from 7.5% in January, according to our estimates. The producer price index increased by 0.2% in February due to the still visible influence of tax and regulated pricing changes. Inflationary pressures were limited by a seasonal drop in textile prices and a temporary oil price decline, which allowed gasoline and diesel prices to decrease by 2-2.5%. The rate of inflation continues to remain be far above the CNB’s inflationary targets and there is speculation that the CNB will tighten monetary conditions one more time.