Actual (Jul): -0.4 % m/m, -4.9 % y/y Consensus: -0.3 % m/m, -4.8 % y/y Previous (Jun): 0.0 % m/m, -4.4 % y/y The industrial PPI showed its biggest y-o-y drop from the beginning of the time series in 1991. The index was driven by lower coke and refined petroleum products, metals and metal products and by food. The PPI release does not change our view on the CNB interest rates. They have probably reached the bottom and are expected to stay there for a longer period of time. In 2009, we see the annual change of PPI at -3.0 to -3.5%.