{"id":29698,"date":"2026-03-19T19:36:10","date_gmt":"2026-03-19T19:36:10","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/29698\/"},"modified":"2026-03-19T19:36:10","modified_gmt":"2026-03-19T19:36:10","slug":"cnb-sazby-ponechala-analytici-ale-uz-varuji-pred-zrychlenim-inflace","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/29698\/","title":{"rendered":"\u010cNB sazby ponechala, analytici ale u\u017e varuj\u00ed p\u0159ed zrychlen\u00edm inflace"},"content":{"rendered":"

\u010clenov\u00e9 bankovn\u00ed rady Jakub Seidler a\u00a0Jan Kub\u00ed\u010dek u\u017e za\u010d\u00e1tkem b\u0159ezna avizovali, \u017ee \u010cNB m\u00e1 prostor k\u00a0tomu vy\u010dkat, jak se konflikt v\u00a0\u00cdr\u00e1nu prom\u00edtne do \u010desk\u00e9 inflace p\u0159es r\u016fst cen ropy a\u00a0plynu na sv\u011btov\u00fdch trz\u00edch. V\u00a0\u00fanoru spot\u0159ebitelsk\u00e9 ceny v\u00a0\u010cesku meziro\u010dn\u011b vzrostly o\u00a01,4\u00a0procenta, infla\u010dn\u00ed c\u00edl \u010cNB je dv\u011b procenta.<\/p>\n

Guvern\u00e9r \u010cNB Ale\u0161 Michl po jedn\u00e1n\u00ed sedmi\u010dlenn\u00e9 bankovn\u00ed rady informoval, \u017ee o\u00a0ponech\u00e1n\u00ed \u00farokov\u00fdch sazeb na dosavadn\u00edch \u00farovn\u00edch rozhodla jednomysln\u011b. <\/p>\n

Michl ujistil, \u017ee rada je p\u0159ipravena adekv\u00e1tn\u011b reagovat na p\u0159\u00edpadn\u00e9 napln\u011bn\u00ed rizik pro pln\u011bn\u00ed dvouprocentn\u00edho infla\u010dn\u00edho c\u00edle. \u201eBankovn\u00ed rada bude dopady konfliktu na Bl\u00edzk\u00e9m v\u00fdchod\u011b pe\u010dliv\u011b monitorovat. Zam\u011b\u0159\u00ed se nejen na p\u0159\u00edm\u00e9 a\u00a0nep\u0159\u00edm\u00e9 dopady zdra\u017een\u00ed energetick\u00fdch komodit na v\u00fd\u0161i inflace, ale i\u00a0na mo\u017en\u00e9 negativn\u00ed vlivy na ekonomickou aktivitu a\u00a0finan\u010dn\u00ed podm\u00ednky,\u201c prohl\u00e1sil. <\/p>\n

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Ekonomov\u00e9 se shoduj\u00ed, \u017ee dal\u0161\u00ed kroky centr\u00e1ln\u00ed banky budou z\u00e1le\u017eet na tom, jak se bude vyv\u00edjet konflikt v\u00a0\u00cdr\u00e1nu a\u00a0jak se projev\u00ed na cen\u00e1ch ropy a\u00a0dal\u0161\u00edch surovin.<\/p>\n

Hlavn\u00ed ekonom Deloitte David Marek pro Novinky odhadl, \u017ee p\u0159i nyn\u011bj\u0161\u00edch cen\u00e1ch ropy a\u00a0zemn\u00edho plynu by m\u011bl p\u0159\u00edm\u00fd dopad do inflace p\u0159es ceny pohonn\u00fdch hmot a\u00a0plynu pro dom\u00e1cnosti dosahovat zhruba jednoho procentn\u00edho bodu. <\/p>\n

\u201eKdy\u017e by se situace nevy\u0159e\u0161ila a\u00a0ceny energetick\u00fdch komodit z\u016fstaly vysok\u00e9, za\u010daly by se postupn\u011b projevovat sekund\u00e1rn\u00ed dopady v\u00a0cen\u00e1ch dopravy i\u00a0v cen\u00e1ch v\u011bt\u0161iny zbo\u017e\u00ed, kter\u00e9 by p\u0159idaly dal\u0161\u00ed jeden procentn\u00ed bod,\u201c uvedl Marek. <\/p>\n

To by podle n\u011bj mohlo zv\u00fd\u0161it inflaci na t\u0159i a\u017e \u010dty\u0159i procenta. \u201ePokud by ov\u0161em ceny ropy a\u00a0plynu pokra\u010dovaly v\u00a0r\u016fstu, znamenalo by to je\u0161t\u011b vy\u0161\u0161\u00ed inflaci,\u201c dodal s\u00a0t\u00edm, \u017ee na sekund\u00e1rn\u00ed infla\u010dn\u00ed dopady a\u00a0riziko zv\u00fd\u0161en\u00ed infla\u010dn\u00edch o\u010dek\u00e1v\u00e1n\u00ed by u\u017e \u010cNB musela reagovat.<\/p>\n

Ekonomov\u00e9 varuj\u00ed, \u017ee pokud konflikt na Bl\u00edzk\u00e9m v\u00fdchod\u011b bude pokra\u010dovat, logistika z\u00a0Persk\u00e9ho z\u00e1livu bude nad\u00e1le ochromena \u010di omezena a\u00a0\u00fatoky budou m\u00ed\u0159it i\u00a0na t\u011b\u017eebn\u00ed, zpracovac\u00ed a\u00a0exportn\u00ed infrastrukturu, dopad na tuzemsk\u00fd r\u016fst spot\u0159ebitelsk\u00fdch cen bude citeln\u00fd. <\/p>\n

\u201eKrom\u011b pohonn\u00fdch hmot se to dotkne i\u00a0mnoha dal\u0161\u00edch druh\u016f zbo\u017e\u00ed od zemn\u00edho plynu p\u0159es potraviny a\u017e po mikro\u010dipy. V\u00a0z\u00e1vislosti na intenzit\u011b t\u011bchto naru\u0161en\u00ed by leto\u0161n\u00ed tuzemsk\u00e1 inflace realisticky mohla povyr\u016fst o\u00a0jeden a\u017e t\u0159i procentn\u00ed body. Tedy nam\u00edsto p\u016fvodn\u011b o\u010dek\u00e1van\u00fdch zhruba 1,7\u00a0procenta by mohla b\u00fdt kdekoliv mezi 2,7\u00a0a\u00a04,7\u00a0procenta,\u201c \u0159ekl Novink\u00e1m hlavn\u00ed ekonom spole\u010dnosti Investika V\u00edt Hradil.<\/p>\n

Od sazeb centr\u00e1ln\u00ed banky, jejich\u017e sni\u017eov\u00e1n\u00edm m\u016f\u017ee \u010cNB stimulovat ekonomiku a\u00a0naopak zvy\u0161ov\u00e1n\u00edm krotit inflaci, se odv\u00edjej\u00ed \u00faroky bankovn\u00edch vklad\u016f a\u00a0\u00fav\u011br\u016f. Firm\u00e1m vy\u0161\u0161\u00ed \u00faroky p\u0159in\u00e1\u0161ej\u00ed dra\u017e\u0161\u00ed \u00fav\u011bry na investice a\u00a0provoz, dom\u00e1cnostem zase dra\u017e\u0161\u00ed \u00fav\u011bry. Z\u00e1rove\u0148 ale p\u0159i vy\u0161\u0161\u00edch \u00faroc\u00edch roste zhodnocen\u00ed vklad\u016f na \u00fa\u010dtech.<\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\u010clenov\u00e9 bankovn\u00ed rady Jakub Seidler a\u00a0Jan Kub\u00ed\u010dek u\u017e za\u010d\u00e1tkem b\u0159ezna avizovali, \u017ee \u010cNB m\u00e1 prostor k\u00a0tomu vy\u010dkat, jak…\n","protected":false},"author":2,"featured_media":29699,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,2165,686,13157],"class_list":["post-29698","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-ceska-narodni-banka-cnb","tag-inflace","tag-sazby"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116257527048686068","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/29698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=29698"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/29698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/29699"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=29698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=29698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=29698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}