Finally the Czech inflation figures were the last in row in the region to surprise on the upside with 1.8% m/m and 3.5% y/y growth. Although it is higher than both our and CNB´s forecast, it should hardly lead to interest rate tightening. The price pressure is driven solely by VAT and regulatory prices change and domestic demand as well as price pressures remain subdued. Hence we remain pretty comfortable with no change scenario for the rest of the year.