Czech inflation slows to 1.7% in february

Inflation in the recession-hit Czech Republic slowed to 1.7 percent on an annual basis in February from 1.9 percent the previous month, official data showed on Monday. On a monthly basis however, consumer prices grew by 0.1 percent in February on higher costs for transport, travel and entertainment, after rising by 1.3 percent in January following a hike in the national sales tax, the Czech Statistical Office said. The Czech Republic has been locked in recession for a year, and its central bank has forecast an additional contraction of 0.3 percent this year before business activity picks up by around 2.1 percent in 2014. In 2012, the economy, which is heavily dependent on car production and exports, contracted by 1.2 percent.