Consumer price index fell by 0.3% in November and inflation decreased to 2.4% y/y from 2.6% y/y in October. Price level progression of consumer basket during last month was unambiguously in line of falling gas prices. Inflation jump over 3% at the beginning of next year is seemingly unavoidable. However, lower than expected inflation and strong Czech currency will possibly change overview of monetary policy in next year. January’s further increase of CNB’s repo rate seems to be out of game. It is reasonable to expect further correction of money market rates and bond yields.