Actual (June): 0.0% m/m; -4.4% y/y Consensus: 0.0% m/m; -4.4% y/y Previous (May): -0.4% m/m; -3.8% y/y Producer prices did not change in June following stagnation of consumer prices. Annual deflation deepened as expected. We saw two major forces affecting PPI. Declining demand pressed down steel prices but surging oil prices lifted prices of refinery products. Benign PPI figures lend support for one more rate cut in the Czech Republic, if EURCZK remains stable until CNB’s meeting.