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Aleš Michl: The road to the target Speech by Mr Aleš Michl, Governor of the Czech National Bank, at the University of Economics and Business, Prague, 15 May 2023. *** Dear Rector, esteemed guests, It was a privilege for me to study and obtain my master's degree and Ph.D. here at the University of Economics and Business. I have good news for the public today: inflation is finally falling. Annual headline inflation peaked in September last year, when it reached 18%. We managed to stop it. In line with our expectations, a gradual downward trend in inflation started in February this year. Inflation fell to 16.7% in February and then to 15%. And finally, in April, it stood at 12.7%. Within three months, it should be below 10% in annual terms. This is not a victory. In the second half of the year, inflation will still be at a level we must not put up with. We must not get used to it. We must not adapt to it. Interest rates will therefore remain high for longer. A strong koruna is also important for the economy. Based on FRA rates, the market is expecting a rate decrease as early as in the next quarter. We consider the market expectations regarding the timing of the first decrease in rates to be premature. We must continue to fight for long-standing low and stable inflation. A strong koruna played an important role in the turnaround in inflation. We adjusted the monetary policy strategy in July 2022.