Industrial PPI fell deeper to deflation in April mainly due to decreasing metal prices. On the other hand, the fall was muted by higher prices of refining products. Both PPI and CPI point to weakening inflationary pressures. Also the development of the real economy is worse than expected - see the 1Q GDP. The CNB may therefore consider another cut of the interest rates. Industrial PPI Actual (April) Consensus Previous (March) m/m -0,5% -0,2% -1,1% y/y -2,5% -2,2% -2,0%