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Czech consumer price growth has begun to slow and the trend will continue in the coming months, central bank Governor Ales Michl said in a statement.

Michl reiterated his previous comments that strong koruna, keeping elevated rates for a longer period of time and budget deficit cuts are key for taming inflation. The bank also said the governor last week received the top secret clearance from the National Security Authority, ending weeks of media speculations about the matter.

“Inflation has finally started to decline,” Michl said on Sunday. “This decline will continue in the following months.”

Read More: Strongest Koruna Since 2008 Is Helping Czechs Curb Inflation

Consumer price growth slowed to 16.7% in February, data showed on Friday, in what the central bank said was the beginning of a path toward single-digit inflation later this year. The bank, which halted rapid interest-rate hikes last year following a leadership change, sees koruna appreciation as one of the main tools for bringing price growth to the 2% target by the middle of next year.

The next next monetary meeting is scheduled for March 29, and most board members consider the current benchmark at 7% high enough to tackle home-grown price pressures. The one dissenter, Tomas Holub, advocates further rate hikes because he sees risks that inflation will become entrenched.
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