Czech consumer prices fell by an average of 0.3% mom in December, as in November, while the annual growth rate remained unchanged at 2.1%. Final inflation data thus confirmed the CZSO’s preliminary estimate. Consumer price developments were broadly in line with our forecasts, of a 0.3% mom decline, with only slightly weaker annual growth of 2.0% in December. However, December’s headline inflation was lower than the market consensus and the CNB forecast (both 2.3% yoy). Inflation was already 0.1pp below the CNB estimate in November, and this gap widened further in December.