The Czech central bank is sounding the alarm on underlying price pressures, arguing they remain stubbornly elevated and justify keeping monetary policy on a tight leash. While the headline inflation figure might dip below target this year—making it look like things are cooling off—the real story is different. Core inflation metrics tell a tougher tale, and that's what's driving the bank's hawkish stance. The takeaway? Don't be fooled by what you see in the headline numbers. When you look under the hood at sticky price pressures and persistent demand-side forces, you get a clearer picture of why central banks aren't ready to ease up. This kind of pressure gauge is crucial for traders watching currency moves and yield curves across emerging markets—weak inflation data can mask stubborn real-world cost pressures that eventually force policymakers' hands.