Surging domestic demand was one of the key reasons with which Czech National Bank governor Jiří Rusnok justified Thursday’s 20 basis point hike in the key interest rate to 0.25 percent.
And as if on cue, the Czech Statistical Office rolled out its figures for June retail sales a day later showing a shopping splurge by locals in shops and over the Internet, Radio Praha writes.
Higher wages, more in work, reduced worries of unemployment, are all factors contributing to the domestic spending boom. The relatively low US dollar compared with the crown has also cut the price for many electronic goods. Read more.
Read also CNB increases interest rates: "...the first change in interest rates since November 2012, when the repo rate was cut to technical zero. Additionally, the decision is the first increase in domestic interest rates since February 2008."
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