CNB says diesel and petrol prices drove inflation higher in September and is now contributing over 1ppt to headline inflation

Fuel-driven contributions of this size to headline inflation are a familiar pattern in smaller open economies, where motor fuels carry an outsized weight in the basket relative to the core measures that actually steer policy. The relevant distinction is between headline and underlying dynamics: central banks in this position have historically looked through energy-led spikes provided core and wage-driven components stay contained, while tightening or delaying easing when fuel pass-through begins to broaden into services. The CNB's own communications in past episodes have leaned on exactly this decomposition, so the framing of the fuel contribution as a named driver signals how the board is likely to read the print internally. The transmission channel to markets runs through the policy rate path and koruna pricing in the front end rather than through any direct energy exposure. Worth noting is whether the bank pairs this observation with any shift in guidance on the pace of rate moves, since commentary highlighting a temporary headline driver has tended to argue for patience rather than reaction. As attribution commentary rather than a policy signal, the note is informational.