The consumer price index moved up by 1.0% in January. Year-on-year, the inflation rate moved down to 1.3% from December’s 1.7%. While regulated prices and excise taxes came in as expected in the estimates for inflation, changes in the market prices for other goods were less than expected. Taken together, these factors resulted in a lowering of the inflation rate from that which was projected. Cheaper fuels were taken into account but the threat of significantly higher food prices didn't materialize. The trend in the current inflation rate data support the forecast that interest rates will remain stable for some time. With the current koruna exchange rate, there is a good probability of stable interest rates in the 1H07.