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Czech Producer Prices Unexpectedly Flat for 2nd Month, Brent Crude Hovers at 13-Month High, Eurozone Inflation Rate Confirmed at 11-Month High

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Czech Producer Prices Unexpectedly Flat for 2nd Month
Producer prices in the Czech Republic were flat year-on-year for the second straight month in January of 2021, against market expectations of a 0.6 percent decrease. Lower prices for both mining & quarrying (-0.3 percent vs -2.2 percent in December) and manufacturing (-0.3 percent vs -1.2 percent) were partly offset by increases in costs of electricity, gas, steam and air conditioning (0.4 percent vs 5.6 percent) and water supply, sewerage, waste management and remediation services (6.9 percent vs 6.4 percent). On a monthly basis, producer prices were up 1.3 percent, following a 0.2 percent increase in the prior month and beating market consensus of a 0.6 percent rise.
Brent Crude Hovers at 13-Month High
Brent crude futures rose to $65.8 a barrel on Tuesday, close to levels not seen since early January 2020 and extending a 3.7% gain in the previous session, on the back of tighter global supplies and hopes for a recovery in fuel consumption. Improvement in worldwide vaccination efforts and more government spending have brightened the global economic outlook. Supporting prices further were persistent supply disruptions in the US, as freezing weather in Texas and the Plains states forced the shutdown of up to 4 million barrels per day of oil output.

Eurozone Inflation Rate Confirmed at 11-Month High
The consumer price inflation rate in the Euro Area was confirmed at 0.9 percent year-on-year in January 2021, the highest since February last year, boosted mainly by a jump in cost for services (1.4 percent vs 0.7 percent in December) and non-energy industrial goods (1.5 percent vs -0.5 percent). Food, alcohol & tobacco inflation also picked up (1.5 percent vs 1.3 percent), while energy prices fell at a slower pace (-4.2 percent vs -6.9 percent)

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