Czech inflation declined from 2.5% to 2.1% yoy in November, coming in below all estimates. Prior to the release of the preliminary CPI estimate, the market consensus was for stagnation at 2.5% yoy, whereas we had expected a slight decline to 2.4%. Having forecast November inflation of 2.2% yoy, the Czech National Bank was surprised again, but the other way round this time compared to October, for which it had assumed the same annual figure. As usual, the final inflation print did not alter the overall dynamics of consumer prices, but it provided detailed data on the structure.