{"id":3852,"date":"2025-10-28T09:33:58","date_gmt":"2025-10-28T09:33:58","guid":{"rendered":"https:\/\/cryptonews.com\/cz\/?post_type=academy&#038;p=3852\/"},"modified":"2025-10-28T09:41:13","modified_gmt":"2025-10-28T09:41:13","slug":"co-je-inflace","status":"publish","type":"academy","link":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/","title":{"rendered":"Co je inflace a jak se p\u0159ed n\u00ed chr\u00e1nit"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Ka\u017ed\u00fd ji poci\u0165uje, ale m\u00e1lokdo j\u00ed opravdu rozum\u00ed. <\/span><b>Inflace<\/b><span style=\"font-weight: 400\">, ten neviditeln\u00fd zlod\u011bj, kter\u00fd <\/span><b>ka\u017ed\u00fd den ukrajuje z hodnoty na\u0161ich \u00faspor<\/b><span style=\"font-weight: 400\">, a\u0165 u\u017e m\u00e1me pen\u00edze v bance, pod matrac\u00ed nebo investovan\u00e9. Mnoho lid\u00ed se pt\u00e1: <\/span><b>co je inflace<\/b><span style=\"font-weight: 400\">, <\/span><b>co to vlastn\u011b znamen\u00e1<\/b><span style=\"font-weight: 400\">, <\/span><b>jak vznik\u00e1 inflace<\/b><span style=\"font-weight: 400\"> a <\/span><b>d\u00e1 se p\u0159ed n\u00ed v\u016fbec br\u00e1nit<\/b><span style=\"font-weight: 400\">?<\/span><\/p><p><span style=\"font-weight: 400\">V roce 2025 se inflace op\u011bt vrac\u00ed do hry \u2013 ne jako hrozba z u\u010debnic, ale jako re\u00e1ln\u00fd probl\u00e9m, kter\u00fd rozhoduje o tom, <\/span><b>kolik si toho m\u016f\u017eeme dovolit<\/b><span style=\"font-weight: 400\">. V tomto \u010dl\u00e1nku si vysv\u011btl\u00edme, <\/span><b>co je to inflace jednodu\u0161e, jak funguje, jak se po\u010d\u00edt\u00e1 inflace a pro\u010d v\u016fbec vznik\u00e1<\/b><span style=\"font-weight: 400\">. Z\u00e1rove\u0148 se pod\u00edv\u00e1me na to, <\/span><b>pro\u010d mohou kryptom\u011bny jako <\/b><a href=\"https:\/\/cryptonews.com\/cz\/kryptomeny\/co-je-bitcoin\/\"><b>bitcoin<\/b><\/a><b> slou\u017eit jako ochrana proti jej\u00edm dopad\u016fm.<\/b><\/p><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h3><b>Kl\u00ed\u010dov\u00e9 body<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><b>Inflace m\u011b\u0159\u00ed tempo r\u016fstu cen zbo\u017e\u00ed a slu\u017eeb<\/b><span style=\"font-weight: 400\">, tedy jak rychle pen\u00edze ztr\u00e1c\u00ed kupn\u00ed s\u00edlu.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Rozli\u0161ujeme <\/span><b>t\u0159i hlavn\u00ed typy inflace<\/b><span style=\"font-weight: 400\"> \u2013 popt\u00e1vkovou, nab\u00eddkovou neboli n\u00e1kladovou a setrva\u010dnou.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Nejpou\u017e\u00edvan\u011bj\u0161\u00edmi ukazateli inflace<\/b><span style=\"font-weight: 400\"> jsou index spot\u0159ebitelsk\u00fdch cen (CPI) a index cen v\u00fdrobc\u016f nebo velkoobchodn\u00ed index (PPI\/WPI).<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Inflace m\u016f\u017ee m\u00edt kladn\u00e9 i z\u00e1porn\u00e9 dopady<\/b><span style=\"font-weight: 400\">. Zz\u00e1le\u017e\u00ed na jej\u00edm tempu i na \u00fahlu pohledu. M\u00edrn\u00e1 inflace b\u00fdv\u00e1 zn\u00e1mkou rostouc\u00ed ekonomiky, zat\u00edmco vysok\u00e1 inflace podkop\u00e1v\u00e1 kupn\u00ed s\u00edlu obyvatel.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Majitel\u00e9 re\u00e1ln\u00fdch aktiv<\/b><span style=\"font-weight: 400\"> (nap\u0159. nemovitost\u00ed \u010di zlata) \u010dasto z inflace profituj\u00ed, proto\u017ee s r\u016fstem cen roste i <\/span><b>hodnota jejich majetku<\/b><span style=\"font-weight: 400\">.<\/span><\/li>\n<\/ul>\n<\/div><\/div><h2><span style=\"font-weight: 400\">Co je inflace<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Inflace se d\u00e1 popsat jako <\/span><b>zvy\u0161ov\u00e1n\u00ed cenov\u00e9 hladiny<\/b><span style=\"font-weight: 400\"> zbo\u017e\u00ed a slu\u017eeb v pr\u016fb\u011bhu \u010dasu. Prakticky to znamen\u00e1, \u017ee <\/span><b>kupn\u00ed s\u00edla pen\u011bz kles\u00e1<\/b><span style=\"font-weight: 400\"> \u2013 tedy za stejn\u00e9 mno\u017estv\u00ed pen\u011bz si m\u016f\u017eeme po\u0159\u00eddit m\u00e9n\u011b v\u011bc\u00ed ne\u017e d\u0159\u00edve.<\/span><\/p><p><span style=\"font-weight: 400\">Obvykle se vyjad\u0159uje jako <\/span><b>ro\u010dn\u00ed procentu\u00e1ln\u00ed n\u00e1r\u016fst<\/b><span style=\"font-weight: 400\">, ale m\u016f\u017ee b\u00fdt sledov\u00e1na i v krat\u0161\u00edch intervalech (m\u011bs\u00ed\u010dn\u011b nebo \u010dtvrtletn\u011b).<\/span><\/p><p><span style=\"font-weight: 400\">Tento r\u016fst cen se odhaduje pomoc\u00ed tzv. <\/span><b>spot\u0159ebn\u00edho ko\u0161e<\/b><span style=\"font-weight: 400\">, co\u017e je modelov\u00fd seznam polo\u017eek, kter\u00e9 typick\u00e1 dom\u00e1cnost pravideln\u011b nakupuje (potraviny, bydlen\u00ed, energie, doprava, zdravotn\u00ed p\u00e9\u010de atd.).<\/span><\/p><ul>\n<li><b>Inflace<\/b><span style=\"font-weight: 400\"> znamen\u00e1, \u017ee <\/span><b>ceny rostou<\/b><strong> a pen\u00edze <\/strong><b>ztr\u00e1c\u00ed kupn\u00ed s\u00edlu<\/b><span style=\"font-weight: 400\"> \u2013 za stejnou \u010d\u00e1stku si koup\u00edte m\u00e9n\u011b ne\u017e d\u0159\u00edve. <\/span><strong>P\u0159\u00edklad:<\/strong> V roce 2020 st\u00e1lo m\u00e1slo 40 K\u010d, dnes stoj\u00ed 50 K\u010d \u2013 to je inflace.<\/li>\n<li><b>Deflace<\/b><span style=\"font-weight: 400\"> je prav\u00fd opak \u2013 <\/span><b>ceny klesaj\u00ed<\/b><strong> a pen\u00edze <\/strong><b>z\u00edsk\u00e1vaj\u00ed na hodnot\u011b<\/b><span style=\"font-weight: 400\">. Zn\u00ed to jako dobr\u00e1 zpr\u00e1va, ale dlouhodob\u00e1 deflace m\u016f\u017ee b\u00fdt nebezpe\u010dn\u00e1: lid\u00e9 odkl\u00e1daj\u00ed n\u00e1kupy, firmy omezuj\u00ed v\u00fdrobu a ekonomika se m\u016f\u017ee dostat do recese. <\/span><span style=\"font-weight: 400\"><strong>P\u0159\u00edklad:<\/strong> Auto, kter\u00e9 loni st\u00e1lo 500 000 K\u010d, letos stoj\u00ed 450 000 K\u010d \u2013 to je deflace.<\/span><\/li>\n<\/ul><p><strong>M\u00edrn\u00e1 inflace (kolem 2 %) je pova\u017eov\u00e1na za <\/strong><b>\u017e\u00e1douc\u00ed stav<\/b><span style=\"font-weight: 400\">, kter\u00fd pom\u00e1h\u00e1 udr\u017eovat ekonomiku v chodu. Pokud se ale m\u00edra inflace vymkne kontrole, p\u0159est\u00e1v\u00e1 b\u00fdt prosp\u011b\u0161n\u00e1 a st\u00e1v\u00e1 se <\/span>v\u00e1\u017en\u00fdm ekonomick\u00fdm probl\u00e9mem<span style=\"font-weight: 400\">.<\/span><\/p><h2><b>Jak inflace vznik\u00e1<\/b><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Zjednodu\u0161en\u011b \u0159e\u010deno, <\/span><b>inflace vznik\u00e1 tehdy, kdy\u017e pen\u011bz v ekonomice p\u0159ib\u00fdv\u00e1 rychleji ne\u017e zbo\u017e\u00ed a slu\u017eeb<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">To se m\u016f\u017ee st\u00e1t n\u011bkolika zp\u016fsoby:<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><b>ti\u0161t\u011bn\u00edm nov\u00fdch pen\u011bz<\/b><span style=\"font-weight: 400\">,<\/span><\/li>\n<li style=\"font-weight: 400\"><b>masivn\u00edmi st\u00e1tn\u00edmi v\u00fddaji<\/b><span style=\"font-weight: 400\">,<\/span><\/li>\n<li style=\"font-weight: 400\"><b>n\u00e1kupy vl\u00e1dn\u00edch dluhopis\u016f centr\u00e1ln\u00ed bankou<\/b><span style=\"font-weight: 400\">,<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">nebo <\/span><b>um\u011bl\u00fdm oslaben\u00edm m\u011bny (devalvac\u00ed)<\/b><span style=\"font-weight: 400\">.<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Nadbytek pen\u011bz v ob\u011bhu vede k <\/span><b>poklesu jejich kupn\u00ed s\u00edly<\/b><span style=\"font-weight: 400\">. To znamen\u00e1, \u017ee lid\u00e9 mus\u00ed za stejn\u00e9 polo\u017eky vynalo\u017eit v\u011bt\u0161\u00ed sumu. <\/span><\/p><p><span style=\"font-weight: 400\">Krom\u011b ekonomick\u00e9 bilance je inflace siln\u011b ovlivn\u011bna <\/span><b>psychologi\u00ed a v\u00edrou v m\u011bnu<\/b><span style=\"font-weight: 400\">. Jestli\u017ee populace p\u0159estane v\u011b\u0159it v jej\u00ed trvalou hodnotu, m\u00e1 tendenci se pen\u011bz zbavovat a<\/span><b> investovat do aktiv, kter\u00e1 hodnotu uchov\u00e1vaj\u00ed<\/b><span style=\"font-weight: 400\">. Tento proces pak <\/span>spir\u00e1lu inflace je\u0161t\u011b rozt\u00e1\u010d\u00ed<span style=\"font-weight: 400\">.<\/span><\/p><h2><span style=\"font-weight: 400\">Hlavn\u00ed typy inflace<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Inflace m\u016f\u017ee m\u00edt r\u016fzn\u00e9 p\u0159\u00ed\u010diny i projevy. Proto se v ekonomii rozli\u0161uje n\u011bkolik <\/span><b>hlavn\u00edch typ\u016f inflace<\/b><span style=\"font-weight: 400\">, kter\u00e9 ur\u010duj\u00ed, jak a pro\u010d ceny rostou.<\/span><\/p><figure id=\"attachment_3853\" aria-describedby=\"caption-attachment-3853\" style=\"width: 1118px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3853\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1.jpg\" alt=\"T\u0159i hlavn\u00ed typy inflace. Zdroj: Investopedia\" width=\"1118\" height=\"657\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1.jpg 1118w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1-300x176.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1-1024x602.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1-768x451.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17075759\/1760687879-1-450x264.jpg 450w\" sizes=\"auto, (max-width: 1118px) 100vw, 1118px\"><figcaption id=\"caption-attachment-3853\" class=\"wp-caption-text\">T\u0159i hlavn\u00ed typy inflace. Zdroj: Investopedia<\/figcaption><\/figure><h3><span style=\"font-weight: 400\">1. N\u00e1kladov\u00e1 inflace (Cost-Push Inflation)<\/span><\/h3><p><span style=\"font-weight: 400\">Tento typ inflace vznik\u00e1, kdy\u017e se <\/span><b>zvednou n\u00e1klady na v\u00fdrobu<\/b><span style=\"font-weight: 400\">. Nap\u0159\u00edklad p\u0159i zdra\u017een\u00ed ropy, plynu nebo surovin. Firmy si nechaj\u00ed m\u00e9n\u011b zisku? Ne. Prost\u011b <\/span><b>zv\u00fd\u0161\u00ed ceny<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Typick\u00fdm p\u0159\u00edkladem byla <\/span><b>energetick\u00e1 krize po rusk\u00e9 invazi na Ukrajinu<\/b><span style=\"font-weight: 400\">, kdy prudce vysko\u010dily ceny pohonn\u00fdch hmot a elekt\u0159iny. V\u00fdsledek? Dra\u017e\u0161\u00ed v\u00fdroba, dra\u017e\u0161\u00ed zbo\u017e\u00ed \u2013 a vy\u0161\u0161\u00ed inflace.<\/span><\/p><h3><span style=\"font-weight: 400\">2. Popt\u00e1vkov\u00e1 inflace (Demand-Pull Inflation)<\/span><\/h3><p><span style=\"font-weight: 400\">Tento stav nast\u00e1v\u00e1, kdy\u017e <\/span><b>touha lid\u00ed utr\u00e1cet (popt\u00e1vka) je mnohem vy\u0161\u0161\u00ed ne\u017e to, co ekonomika dok\u00e1\u017ee vyprodukovat (nab\u00eddka)<\/b><span style=\"font-weight: 400\">. Jednodu\u0161e \u0159e\u010deno, ekonomika je p\u0159eh\u0159\u00e1t\u00e1, v\u00fdroba nest\u00edh\u00e1 tempo. <\/span><\/p><p><span style=\"font-weight: 400\">Skv\u011bl\u00fdm p\u0159\u00edkladem je situace po pandemii covidu, kdy se spot\u0159ebitel\u00e9 hromadn\u011b vr\u00e1tili k nakupov\u00e1n\u00ed a cestov\u00e1n\u00ed, co\u017e vedlo k <\/span><b>raketov\u00e9mu zdra\u017een\u00ed nap\u0159\u00edklad letenek, ubytov\u00e1n\u00ed a automobil\u016f<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h3><span style=\"font-weight: 400\">3. Mzdov\u011b-cenov\u00e1 inflace (Built-in Inflation)<\/span><\/h3><p><span style=\"font-weight: 400\">Tento jev popisuje <\/span><b>setrva\u010dnost<\/b><span style=\"font-weight: 400\">, kdy lid\u00e9 p\u0159edpokl\u00e1daj\u00ed, \u017ee inflace bude pokra\u010dovat ve sv\u00e9m dosavadn\u00edm trendu. V reakci na to, a v r\u00e1mci snahy udr\u017eet si re\u00e1ln\u00e9 p\u0159\u00edjmy, <\/span><b>o\u010dek\u00e1vaj\u00ed zv\u00fd\u0161en\u00ed mezd<\/b><span style=\"font-weight: 400\">. R\u016fst mzdov\u00fdch n\u00e1klad\u016f tla\u010d\u00ed firmy k <\/span><b>zdra\u017eov\u00e1n\u00ed zbo\u017e\u00ed a slu\u017eeb<\/b><span style=\"font-weight: 400\">. T\u00edm se tato <\/span><b>o\u010dek\u00e1v\u00e1n\u00ed sama napl\u0148uj\u00ed<\/b><span style=\"font-weight: 400\">, co\u017e vede k dal\u0161\u00ed inflaci a vytv\u00e1\u0159\u00ed se nekon\u010d\u00edc\u00ed cyklus tzv. <\/span><b>infla\u010dn\u00ed spir\u00e1la.<\/b><\/p><h2><span style=\"font-weight: 400\">Jak se inflace m\u011b\u0159\u00ed \u2013 CPI, PPI a WPI<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Inflace se m\u011b\u0159\u00ed pomoc\u00ed r\u016fzn\u00fdch cenov\u00fdch index\u016f, kter\u00e9 <\/span><b>sleduj\u00ed v\u00fdvoj cen vybran\u00fdch druh\u016f zbo\u017e\u00ed a slu\u017eeb<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h3><b>CPI (Consumer Price Index)<\/b><\/h3><p><span style=\"font-weight: 400\">Index spot\u0159ebitelsk\u00fdch cen (CPI) pat\u0159\u00ed mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed ukazatele inflace. Sleduje <\/span><b>v\u00e1\u017een\u00fd pr\u016fm\u011br cen tzv. spot\u0159ebn\u00edho ko\u0161e<\/b><span style=\"font-weight: 400\">, kter\u00fd zahrnuje zbo\u017e\u00ed a slu\u017eby ka\u017edodenn\u00ed pot\u0159eby \u2013 nap\u0159\u00edklad potraviny, dopravu, energie nebo zdravotn\u00ed p\u00e9\u010di. Ka\u017ed\u00e1 polo\u017eka m\u00e1 v ko\u0161i jinou v\u00e1hu podle toho, jak velk\u00fd pod\u00edl z celkov\u00fdch v\u00fddaj\u016f b\u011b\u017en\u00e9ho spot\u0159ebitele p\u0159edstavuje. Z\u00edskan\u00e1 data pak odr\u00e1\u017eej\u00ed, jak se m\u011bn\u00ed pr\u016fm\u011brn\u00e9 \u017eivotn\u00ed n\u00e1klady obyvatel v \u010dase.<\/span><\/p><p><span style=\"font-weight: 400\">Zm\u011bny v CPI pom\u00e1haj\u00ed ur\u010dit, zda doch\u00e1z\u00ed k <\/span><b>r\u016fstu cen (inflaci)<\/b><span style=\"font-weight: 400\"> nebo naopak k <\/span><b>poklesu cen (deflaci)<\/b><span style=\"font-weight: 400\">. Tento index m\u00e1 tak\u00e9 z\u00e1sadn\u00ed vliv na m\u011bnovou politiku \u2013 centr\u00e1ln\u00ed banky podle n\u011bj \u010dasto upravuj\u00ed \u00farokov\u00e9 sazby, aby udr\u017eely stabilitu m\u011bny. V\u00fdvoj CPI nav\u00edc m\u016f\u017ee ovlivnit i kurz dom\u00e1c\u00ed m\u011bny v\u016f\u010di jin\u00fdm, proto\u017ee nazna\u010duje, jak se m\u011bn\u00ed kupn\u00ed s\u00edla obyvatelstva a celkov\u00e1 ekonomick\u00e1 rovnov\u00e1ha zem\u011b.<\/span><\/p><h3><b>WPI (Wholesale Price Index)<\/b><\/h3><p><span style=\"font-weight: 400\">M\u011b\u0159\u00ed ceny na <\/span><b>velkoobchodn\u00ed \u00farovni<\/b><span style=\"font-weight: 400\">. Sleduje, <\/span><b>jak se m\u011bn\u00ed ceny zbo\u017e\u00ed je\u0161t\u011b p\u0159edt\u00edm, ne\u017e se dostanou na maloobchodn\u00ed trh<\/b><span style=\"font-weight: 400\">, tedy v ran\u011bj\u0161\u00edch f\u00e1z\u00edch v\u00fdrobn\u00edho a distribu\u010dn\u00edho procesu.<\/span><\/p><p><span style=\"font-weight: 400\">Polo\u017eky zahrnut\u00e9 do WPI se li\u0161\u00ed podle jednotliv\u00fdch zem\u00ed. Obvykle ale zahrnuj\u00ed <\/span><b>produkty na \u00farovni v\u00fdrobc\u016f nebo velkoobchodu<\/b><span style=\"font-weight: 400\"> \u2013 nap\u0159\u00edklad cenu surov\u00e9 bavlny, bavln\u011bn\u00e9 p\u0159\u00edze, polotovar\u016f i hotov\u00e9ho oble\u010den\u00ed.<\/span><\/p><p><span style=\"font-weight: 400\">I kdy\u017e mnoho zem\u00ed pou\u017e\u00edv\u00e1 pr\u00e1v\u011b WPI, jin\u00e9 \u2013 v\u010detn\u011b \u010cesk\u00e9 republiky \u2013 d\u00e1vaj\u00ed p\u0159ednost obdobn\u00e9mu ukazateli <\/span><b>PPI (Producer Price Index)<\/b><span style=\"font-weight: 400\">, kter\u00fd m\u011b\u0159\u00ed zm\u011bny cen z pohledu v\u00fdrobc\u016f.<\/span><\/p><h3><b>PPI (Producer Price Index)<\/b><\/h3><p><span style=\"font-weight: 400\">Index cen v\u00fdrobc\u016f (PPI) sleduje, <\/span><b>jak se v \u010dase m\u011bn\u00ed pr\u016fm\u011brn\u00e9 prodejn\u00ed ceny, kter\u00e9 dom\u00e1c\u00ed producenti dost\u00e1vaj\u00ed za sv\u00e9 zbo\u017e\u00ed a slu\u017eby<\/b><span style=\"font-weight: 400\">. Na rozd\u00edl od CPI, kter\u00fd m\u011b\u0159\u00ed zm\u011bny cen z pohledu spot\u0159ebitele, se PPI zam\u011b\u0159uje na pohled v\u00fdrobc\u016f \u2013 tedy jak se m\u011bn\u00ed jejich n\u00e1klady a prodejn\u00ed ceny na trhu.<\/span><\/p><p><span style=\"font-weight: 400\">Tento index m\u016f\u017ee zachytit r\u016fzn\u00e9 \u00farovn\u011b ekonomiky \u2013 od jednotliv\u00fdch odv\u011btv\u00ed a\u017e po konkr\u00e9tn\u00ed komodity. Nap\u0159\u00edklad r\u016fst ceny ropy m\u016f\u017ee b\u00fdt \u010d\u00e1ste\u010dn\u011b vyv\u00e1\u017een poklesem ceny obil\u00ed. <\/span><b>Celkov\u011b tak PPI p\u0159edstavuje v\u00e1\u017een\u00fd pr\u016fm\u011br cenov\u00fdch zm\u011bn, kter\u00fd ukazuje, jak se vyv\u00edjej\u00ed n\u00e1klady a ziskovost v dom\u00e1c\u00ed v\u00fdrob\u011b.<\/b><\/p><figure id=\"attachment_3854\" aria-describedby=\"caption-attachment-3854\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3854 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"Ceny v\u00fdrobc\u016f v \u010cesk\u00e9 republice v z\u00e1\u0159\u00ed 2025 meziro\u010dn\u011b klesly o 1,0 %. \" width=\"1200\" height=\"820\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change.png\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change.png 1200w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change-300x205.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change-1024x700.png 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change-768x525.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080047\/1760688047-czech_republic_producer_prices_change-450x308.png 450w\"><figcaption id=\"caption-attachment-3854\" class=\"wp-caption-text\">Ceny v\u00fdrobc\u016f v \u010cesk\u00e9 republice v z\u00e1\u0159\u00ed 2025 meziro\u010dn\u011b klesly o 1,0 %. Zdroj: <a href=\"https:\/\/tradingeconomics.com\/czech-republic\/producer-prices-change\">tradingeconomics<\/a><\/figcaption><\/figure><h2><span style=\"font-weight: 400\">Statistiky inflace v USA a \u010cR (2020-2025)<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">V n\u00e1sleduj\u00edc\u00edm p\u0159ehledu se pod\u00edv\u00e1me, <\/span><b>jak se vyv\u00edjela inflace v USA a \u010cesk\u00e9 republice mezi lety 2020\u20132025<\/b><span style=\"font-weight: 400\">, obdob\u00ed poznamenan\u00e9 pandemi\u00ed, energetickou kriz\u00ed i p\u0159\u00edsn\u011bj\u0161\u00ed politikou centr\u00e1ln\u00edch bank.<\/span><\/p><h3><span style=\"font-weight: 400\">USA<\/span><\/h3><p><b>Inflace v USA<\/b><span style=\"font-weight: 400\"> byla p\u0159ed pandemi\u00ed na <\/span><b>stabiln\u00ed \u00farovni kolem 2 % ro\u010dn\u011b<\/b><span style=\"font-weight: 400\">. Od roku 2021 v\u0161ak za\u010dala prudce r\u016fst. Z \u00fanorov\u00fdch <\/span><b>1,7 %<\/b><span style=\"font-weight: 400\"> vystoupala b\u011bhem n\u00e1sleduj\u00edc\u00edch m\u011bs\u00edc\u016f a\u017e na <\/span><b>vrchol okolo 9 % v \u010dervnu 2022<\/b><span style=\"font-weight: 400\">, co\u017e p\u0159edstavovalo nejvy\u0161\u0161\u00ed \u00farove\u0148 za posledn\u00ed \u010dty\u0159i desetilet\u00ed.<\/span><\/p><p><span style=\"font-weight: 400\">N\u00e1sledn\u00e9 <\/span><b>zv\u00fd\u0161en\u00ed \u00farokov\u00fdch sazeb ze strany Fedu<\/b><span style=\"font-weight: 400\"> pomohlo inflaci postupn\u011b zbrzdit a v letech 2023\u20132024 se dostala zp\u011bt pod 4 %. V srpnu 2025 dosahovala celkov\u00e1 inflace p\u0159ibli\u017en\u011b <\/span><b>2,9 %<\/b><span style=\"font-weight: 400\">, zat\u00edmco <\/span><b>j\u00e1drov\u00e1 inflace<\/b><span style=\"font-weight: 400\"> (bez zapo\u010dten\u00ed cen potravin a energi\u00ed) se dr\u017eela kolem <\/span><b>3,1 %<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Celkov\u011b lze \u0159\u00edci, \u017ee <\/span><b>americk\u00e1 inflace se po turbulentn\u00edch letech stabilizuje<\/b><span style=\"font-weight: 400\">, i kdy\u017e st\u00e1le z\u016fst\u00e1v\u00e1 m\u00edrn\u011b nad infla\u010dn\u00edm c\u00edlem centr\u00e1ln\u00ed banky.<\/span><\/p><figure id=\"attachment_3855\" aria-describedby=\"caption-attachment-3855\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3855 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"V\u00fdvoj inflace v USA za posledn\u00edch 5 let. \" width=\"1200\" height=\"820\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate.png\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate.png 1200w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate-300x205.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate-1024x700.png 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate-768x525.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080149\/1760688109-united_states_inflation_rate-450x308.png 450w\"><figcaption id=\"caption-attachment-3855\" class=\"wp-caption-text\">V\u00fdvoj inflace v USA za posledn\u00edch 5 let. Zdroj: tradingeconomics<\/figcaption><\/figure><h3><span style=\"font-weight: 400\">\u010cesk\u00e1 republika<\/span><\/h3><p><span style=\"font-weight: 400\">Zat\u00edmco <\/span><b>v roce 2020<\/b><span style=\"font-weight: 400\"> byla inflace v \u010cR relativn\u011b stabiln\u00ed, pohybovala se okolo <\/span><b>3,2 %<\/b><span style=\"font-weight: 400\">, pandemick\u00e1 omezen\u00ed a pokles spot\u0159eby udr\u017eovaly cenov\u00e9 tlaky na uzd\u011b. Situace se dramaticky zm\u011bnila <\/span><b>v roce 2021<\/b><span style=\"font-weight: 400\">, kdy za\u010dalo o\u017eiven\u00ed ekonomiky doprov\u00e1zen\u00e9 <\/span><b>r\u016fstem mezd, zv\u00fd\u0161en\u00fdmi vl\u00e1dn\u00edmi v\u00fddaji a probl\u00e9my v dodavatelsk\u00fdch \u0159et\u011bzc\u00edch<\/b><span style=\"font-weight: 400\">. Inflace tehdy p\u0159ekro\u010dila <\/span><b>5 %<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><b>Rok 2022<\/b><span style=\"font-weight: 400\"> p\u0159inesl doslova <\/span><b>infla\u010dn\u00ed explozi<\/b><span style=\"font-weight: 400\">. Ceny energi\u00ed a potravin raketov\u011b vzrostly, inflace v \u010cesku tehdy dos\u00e1hla <\/span><b>rekordn\u00edch 18 %<\/b><span style=\"font-weight: 400\">, nejv\u00edce od po\u010d\u00e1tku 90. let.<\/span><\/p><p><span style=\"font-weight: 400\">B\u011bhem <\/span><b>roku 2023<\/b><span style=\"font-weight: 400\"> za\u010dala inflace postupn\u011b klesat, ale i tak se dr\u017eela dlouho vysoko \u2014 kolem <\/span><b>10 %<\/b><span style=\"font-weight: 400\">. Centr\u00e1ln\u00ed banka (\u010cNB) tehdy uplat\u0148ovala <\/span><b>nejp\u0159\u00edsn\u011bj\u0161\u00ed m\u011bnovou politiku v historii samostatn\u00e9 \u010cR<\/b><span style=\"font-weight: 400\">, s \u00farokov\u00fdmi sazbami p\u0159es <\/span><b>7 %<\/b><span style=\"font-weight: 400\">, aby zkrotila p\u0159eh\u0159\u00e1t\u00fd trh.<\/span><\/p><p><span style=\"font-weight: 400\">Od <\/span><b>roku 2024<\/b><span style=\"font-weight: 400\"> se tempo r\u016fstu cen v\u00fdrazn\u011b zpomalilo. Inflace klesla pod <\/span><b>4 %<\/b><span style=\"font-weight: 400\">, co\u017e signalizovalo n\u00e1vrat k cenov\u00e9 stabilit\u011b a \u00fastup krizov\u00fdch efekt\u016f. V <\/span><b>\u010dervnu 2025<\/b><span style=\"font-weight: 400\"> \u010dinila meziro\u010dn\u00ed inflace <\/span><b>2,4 %<\/b><span style=\"font-weight: 400\">, zat\u00edmco v <\/span><b>z\u00e1\u0159\u00ed 2025<\/b><span style=\"font-weight: 400\"> se d\u00e1le sn\u00ed\u017eila na <\/span><b>2,3 %<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Pro srovn\u00e1n\u00ed \u2013 <\/span><b>dlouhodob\u00fd pr\u016fm\u011br inflace v \u010cR od roku 1993 \u010din\u00ed zhruba 4,6 %<\/b><span style=\"font-weight: 400\">, tak\u017ee dne\u0161n\u00ed \u00farove\u0148 je historicky n\u00edzk\u00e1. Podle<\/span><b> \u010cNB<\/b><span style=\"font-weight: 400\"> by se inflace m\u011bla v p\u0159\u00ed\u0161t\u00edch m\u011bs\u00edc\u00edch dr\u017eet v p\u00e1smu <\/span><b>2,2\u20132,5 %<\/b><span style=\"font-weight: 400\">, podpo\u0159ena poklesem cen energi\u00ed a ochlazen\u00edm spot\u0159ebitelsk\u00e9 popt\u00e1vky.<\/span><\/p><figure id=\"attachment_3856\" aria-describedby=\"caption-attachment-3856\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3856 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"V\u00fdvoj inflace v \u010cR za posledn\u00edch 5 let. \" width=\"1200\" height=\"820\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate.png\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate.png 1200w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate-300x205.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate-1024x700.png 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate-768x525.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080227\/1760688147-czech_republic_inflation_rate-450x308.png 450w\"><figcaption id=\"caption-attachment-3856\" class=\"wp-caption-text\">V\u00fdvoj inflace v \u010cR za posledn\u00edch 5 let. Zdroj: tradingeconomics<\/figcaption><\/figure><h2><span style=\"font-weight: 400\">Jak centr\u00e1ln\u00ed banky bojuj\u00ed s inflac\u00ed<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Centr\u00e1ln\u00ed banky \u2013 jako <\/span><b>\u010cNB, ECB, Fed nebo Bank of England<\/b><span style=\"font-weight: 400\"> \u2013 maj\u00ed za \u00fakol udr\u017eovat inflaci kolem <\/span><b>2 % ro\u010dn\u011b<\/b><span style=\"font-weight: 400\">. Kdy\u017e je vy\u0161\u0161\u00ed, sna\u017e\u00ed se ji zkrotit r\u016fzn\u00fdmi n\u00e1stroji:<\/span><\/p><ul>\n<li style=\"font-weight: 400\"><b>Zvy\u0161uj\u00ed \u00farokov\u00e9 sazby<\/b><span style=\"font-weight: 400\">, aby omezily \u00fav\u011bry a spot\u0159ebu.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Prod\u00e1vaj\u00ed st\u00e1tn\u00ed dluhopisy<\/b><span style=\"font-weight: 400\">, \u010d\u00edm\u017e <\/span><b>stahuj\u00ed pen\u00edze z ob\u011bhu<\/b><span style=\"font-weight: 400\">.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">N\u011bkdy <\/span><b>intervenuj\u00ed na m\u011bnov\u00e9m trhu<\/b><span style=\"font-weight: 400\">, aby pos\u00edlily dom\u00e1c\u00ed m\u011bnu a zlevnily dovoz.<\/span><\/li>\n<\/ul><p><span style=\"font-weight: 400\">Tento proces ale nen\u00ed bez rizika. P\u0159\u00edli\u0161 razantn\u00ed zp\u0159\u00edsn\u011bn\u00ed m\u016f\u017ee <\/span><b>p\u0159idusit ekonomiku<\/b><span style=\"font-weight: 400\">, zv\u00fd\u0161it <\/span><b>nezam\u011bstnanost<\/b><span style=\"font-weight: 400\"> a v\u00e9st a\u017e k <\/span><b>recesi<\/b><span style=\"font-weight: 400\">.<\/span><\/p><figure id=\"attachment_3863\" aria-describedby=\"caption-attachment-3863\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3863 size-full lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"V\u00fdvoj \u00farokov\u00fdch sazeb \u010cNB od roku 2020 do 2025.\" width=\"1200\" height=\"820\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate.png\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate.png 1200w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate-300x205.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate-1024x700.png 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate-768x525.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080802\/1760688481-czech_republic_interest_rate-450x308.png 450w\"><figcaption id=\"caption-attachment-3863\" class=\"wp-caption-text\">V\u00fdvoj \u00farokov\u00fdch sazeb \u010cNB od roku 2020 do 2025. Zdroj: tradingeconomics<\/figcaption><\/figure><h2><span style=\"font-weight: 400\">P\u0159edpov\u011b\u010f inflace v \u010cR pro rok 2026<\/span><\/h2><p><span class=\"replacer\"><\/span><\/p><ul>\n<li style=\"font-weight: 400\"><b>\u010cNB:<\/b><span style=\"font-weight: 400\"> Po pr\u016fm\u011bru <\/span><b>2,4 % v roce 2024<\/b> <a href=\"https:\/\/www.cnb.cz\/en\/monetary-policy\/forecast\/\"><span style=\"font-weight: 400\">\u010dek\u00e1<\/span><\/a><span style=\"font-weight: 400\"> centr\u00e1ln\u00ed banka <\/span><b>2,6 % v roce 2025<\/b><span style=\"font-weight: 400\"> a pokles k <\/span><b>2,3 % v roce 2026<\/b><span style=\"font-weight: 400\"> (tzn. pobl\u00ed\u017e c\u00edle 2 %).<\/span><\/li>\n<li style=\"font-weight: 400\"><b>Evropsk\u00e1 komise:<\/b> <a href=\"https:\/\/economy-finance.ec.europa.eu\/economic-surveillance-eu-member-states\/country-pages\/czechia\/economic-forecast-czechia_en\"><span style=\"font-weight: 400\">Projekce<\/span><\/a> <b>2,2 % v roce 2025<\/b><span style=\"font-weight: 400\"> a <\/span><b>2,0 % v roce 2026. Hlavn\u00edm faktorem r\u016fstu cen z\u016fst\u00e1vaj\u00ed slu\u017eby ta\u017een\u00e9 r\u016fstem mezd<\/b><span style=\"font-weight: 400\">, zat\u00edmco energie maj\u00ed na inflaci utlumen\u00fd, sp\u00ed\u0161e protiinfla\u010dn\u00ed vliv. Potraviny pak podle odhad\u016f p\u0159isp\u011bj\u00ed jen m\u00edrn\u011b proinfla\u010dn\u011b.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>OECD:<\/b><span style=\"font-weight: 400\"> Inflace v \u010cR <\/span><b>postupn\u011b kles\u00e1 k 2 % a na c\u00edl se vr\u00e1t\u00ed v roce 2026<\/b><span style=\"font-weight: 400\">, s riziky ze zahrani\u010dn\u00ed popt\u00e1vky a geopolitiky. OECD v\u0161ak <\/span><a href=\"https:\/\/www.oecd.org\/en\/publications\/2025\/06\/oecd-economic-outlook-volume-2025-issue-1_1fd979a8\/full-report\/czechia_2cd51175.html?\"><span style=\"font-weight: 400\">upozor\u0148uje<\/span><\/a><span style=\"font-weight: 400\">, \u017ee tento sc\u00e9n\u00e1\u0159 z\u00e1vis\u00ed na v\u00fdvoji <\/span><b>zahrani\u010dn\u00ed popt\u00e1vky<\/b><span style=\"font-weight: 400\">, <\/span><b>cen energi\u00ed<\/b><span style=\"font-weight: 400\"> a tak\u00e9 na <\/span><b>geopolitick\u00e9 stabilit\u011b v Evrop\u011b<\/b><span style=\"font-weight: 400\">, kter\u00e9 mohou infla\u010dn\u00ed trend snadno zvr\u00e1tit.<\/span><\/li>\n<li style=\"font-weight: 400\"><b>MMF:<\/b><span style=\"font-weight: 400\"> Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond ve sv\u00e9 <\/span><b>z\u00e1\u0159ijov\u00e9 zpr\u00e1v\u011b World Economic Outlook 2025<\/b> <a href=\"https:\/\/www.imf.org\/en\/Countries\/CZE\"><span style=\"font-weight: 400\">odhaduje<\/span><\/a><span style=\"font-weight: 400\">, \u017ee <\/span><b>inflace v \u010cesk\u00e9 republice<\/b><span style=\"font-weight: 400\"> z\u016fstane v roce <\/span><b>2025 p\u0159ibli\u017en\u011b 2,5 %<\/b><span style=\"font-weight: 400\">. V del\u0161\u00edm horizontu pak fond o\u010dek\u00e1v\u00e1, \u017ee se inflace <\/span><b>stabilizuje pobl\u00ed\u017e infla\u010dn\u00edho c\u00edle 2 %<\/b><span style=\"font-weight: 400\">, a to nejen v \u010cesku, ale i v \u0161ir\u0161\u00edm regionu st\u0159edn\u00ed Evropy. Podle MMF by k tomuto v\u00fdvoji m\u011bla p\u0159isp\u011bt <\/span><b>ukotven\u00e1 m\u011bnov\u00e1 politika \u010cNB<\/b><span style=\"font-weight: 400\">, odezn\u00edv\u00e1n\u00ed <\/span><b>nab\u00eddkov\u00fdch \u0161ok\u016f<\/b><span style=\"font-weight: 400\"> a <\/span><b>sl\u00e1bnouc\u00ed dom\u00e1c\u00ed popt\u00e1vka<\/b><span style=\"font-weight: 400\">.<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<\/ul><p><b>Co z toho plyne pro 2026?<\/b><span style=\"font-weight: 400\"> V\u011bt\u0161ina finan\u010dn\u00edch instituc\u00ed se shoduje na tom, \u017ee<\/span><b> ide\u00e1ln\u011b by se m\u011bla inflace pohybovat okolo 2 %<\/b><span style=\"font-weight: 400\">. Podle harmonizovan\u00e9ho indexu spot\u0159ebitelsk\u00fdch cen (HICP) se o\u010dek\u00e1v\u00e1 nepatrn\u011b ni\u017e\u0161\u00ed hodnota, zat\u00edmco \u010cesk\u00e1 n\u00e1rodn\u00ed banka (\u010cNB) p\u0159edpov\u00edd\u00e1 spot\u0159ebitelskou inflaci (CPI) na \u00farovni zhruba 2,3 %.<\/span><\/p><p><span style=\"font-weight: 400\">Sou\u010dasn\u011b doch\u00e1z\u00ed ke <\/span><b>struktur\u00e1ln\u00edmu posunu ve zdroj\u00edch r\u016fstu cen<\/b><span style=\"font-weight: 400\">: <\/span><b>zdra\u017eov\u00e1n\u00ed slu\u017eeb<\/b><span style=\"font-weight: 400\"> \u2013 prim\u00e1rn\u011b kv\u016fli rostouc\u00edm mzd\u00e1m \u2013 se st\u00e1v\u00e1 dominantn\u00edm faktorem, zat\u00edmco <\/span><b>zbo\u017e\u00ed ztr\u00e1c\u00ed sv\u016fj vliv<\/b><span style=\"font-weight: 400\">. Ceny energi\u00ed maj\u00ed sp\u00ed\u0161e <\/span><b>tlum\u00edc\u00ed (protiinfla\u010dn\u00ed) \u00fa\u010dinek<\/b><span style=\"font-weight: 400\">, av\u0161ak <\/span><b>p\u0159etrv\u00e1vaj\u00ed rizika<\/b><span style=\"font-weight: 400\"> spojen\u00e1 s nestabilitou cen komodit, v\u00fdvojem mezd, fluktuac\u00ed m\u011bnov\u00fdch kurz\u016f a geopolitickou situac\u00ed.<\/span><\/p><figure id=\"attachment_3857\" aria-describedby=\"caption-attachment-3857\" style=\"width: 1106px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3857 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"Projekce inflace \u010cNB 2023\u20132027: \u010dern\u00e1 \u010d\u00e1ra ukazuje odhad, \u010derven\u00e1 c\u00edl 2 %, modr\u00e9 p\u00e1sy zn\u00e1zor\u0148uj\u00ed pravd\u011bpodobnostn\u00ed rozptyl. \" width=\"1106\" height=\"864\" sizes=\"auto, (max-width: 1106px) 100vw, 1106px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal.jpg 1106w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal-300x234.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal-1024x800.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal-768x600.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080317\/1760688196-2-spglobal-450x352.jpg 450w\"><figcaption id=\"caption-attachment-3857\" class=\"wp-caption-text\">Projekce inflace \u010cNB 2023\u20132027: \u010dern\u00e1 linie ukazuje odhad, \u010derven\u00e1 c\u00edl 2 %, modr\u00e9 p\u00e1sy zn\u00e1zor\u0148uj\u00ed pravd\u011bpodobnostn\u00ed rozptyl. Zdroj: \u010cNB<\/figcaption><\/figure><h2><span style=\"font-weight: 400\">Kdy\u017e se inflace vymkne kontrole: Hyperinflace<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<b>Hyperinflace<\/b><span style=\"font-weight: 400\"> je extr\u00e9mn\u00ed forma inflace, kdy <\/span><b>ceny rostou o des\u00edtky procent m\u011bs\u00ed\u010dn\u011b<\/b><span style=\"font-weight: 400\">.<\/span><span style=\"font-weight: 400\"><br>\n<\/span><span style=\"font-weight: 400\">P\u0159\u00edklady z historie \u2013 <\/span><b>N\u011bmecko 1923, Zimbabwe, Venezuela<\/b><span style=\"font-weight: 400\"> \u2013 ukazuj\u00ed, \u017ee nekontrolovan\u00e9 ti\u0161t\u011bn\u00ed pen\u011bz m\u016f\u017ee zcela zni\u010dit d\u016fv\u011bru v m\u011bnu.<\/span><\/p><p><span style=\"font-weight: 400\">Kdy\u017e se popt\u00e1vka vymkne kontrole a zbo\u017e\u00ed je m\u00e1lo, m\u016f\u017ee to tak\u00e9 spustit hyperinflaci. Ceny potravin a paliv pak rychle rostou a lid\u00e9 za\u010dnou hromadit z\u00e1soby ze strachu z dal\u0161\u00edho zdra\u017eov\u00e1n\u00ed.<\/span><\/p><p><span style=\"font-weight: 400\">V takov\u00fdch situac\u00edch lid\u00e9 \u010dasto <\/span><b>p\u0159ech\u00e1zej\u00ed na jin\u00e9 m\u011bny, zlato nebo <\/b><a href=\"https:\/\/cryptonews.com\/cz\/kryptomeny\/co-je-kryptomena\/\"><b>kryptom\u011bny<\/b><\/a><span style=\"font-weight: 400\">, proto\u017ee dom\u00e1c\u00ed m\u011bna p\u0159est\u00e1v\u00e1 plnit svou funkci. Bankovky se st\u00e1vaj\u00ed bezcenn\u00fdm pap\u00edrem.<\/span><\/p><h3><b>Klady a z\u00e1pory inflace<\/b><\/h3><p><span style=\"font-weight: 400\">Inflace nen\u00ed v\u017edy jen zl\u00e1 \u2013 <strong>m\u016f\u017ee ekonomiku podpo\u0159it, ale tak\u00e9 ji rozkol\u00edsat<\/strong>. Z\u00e1le\u017e\u00ed na jej\u00edm tempu, d\u00e9lce trv\u00e1n\u00ed i tom, jak se na ni p\u0159iprav\u00edme.<\/span><\/p><div class=\"su-note\" style=\"border-color:#e0d5e5;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#faefff;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<div class=\"su-row\"><div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<p style=\"text-align: left\"><strong>V\u00fdhody:<\/strong><\/p>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-check-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Podporuje ekonomick\u00fd r\u016fst a motivuje ke spot\u0159eb\u011b m\u00edsto hromad\u011bn\u00ed pen\u011bz<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Umo\u017e\u0148uje snaz\u0161\u00ed spl\u00e1cen\u00ed dluh\u016f, proto\u017ee re\u00e1ln\u00e1 hodnota dluhu \u010dasem kles\u00e1<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Povzbuzuje investice \u2013 lid\u00e9 se sna\u017e\u00ed zhodnotit \u00faspory m\u00edsto jejich dr\u017een\u00ed v hotovosti<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Pom\u00e1h\u00e1 firm\u00e1m zvy\u0161ovat mzdy a ceny bez ztr\u00e1ty konkurenceschopnosti<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-check-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">M\u00edrn\u00e1 inflace je znakem zdrav\u011b rostouc\u00ed ekonomiky<\/span><\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<div class=\"su-column su-column-size-1-2\"><div class=\"su-column-inner su-u-clearfix su-u-trim\">\n<p style=\"text-align: left\"><strong>Nev\u00fdhody:<\/strong><\/p>\n<div class=\"su-list\" style=\"margin-left:0px\">\n<ul>\n<li><i class=\"sui sui-times-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Sni\u017euje kupn\u00ed s\u00edlu pen\u011bz \u2013 za stejnou \u010d\u00e1stku si koup\u00edme m\u00e9n\u011b<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-times-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Zt\u011b\u017euje pl\u00e1nov\u00e1n\u00ed rozpo\u010dt\u016f pro dom\u00e1cnosti i firmy<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-times-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">Znehodnocuje \u00faspory a postihuje p\u0159edev\u0161\u00edm d\u016fchodce a spo\u0159itele<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-times-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">P\u0159i vysok\u00e9 inflaci hroz\u00ed ztr\u00e1ta d\u016fv\u011bry v m\u011bnu a odliv kapit\u00e1lu z ekonomiky<\/span><span style=\"font-weight: 400\"><br>\n<\/span><\/li>\n<li><i class=\"sui sui-times-circle\" style=\"color:#ca130d\"><\/i> <span style=\"font-weight: 400\">P\u0159i vy\u0161\u0161\u00edch \u00farovn\u00edch m\u016f\u017ee v\u00e9st k soci\u00e1ln\u00edm nap\u011bt\u00edm a recesi<\/span><\/li>\n<\/ul>\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div><h2><span style=\"font-weight: 400\">Jak se br\u00e1nit inflaci<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Inflace sni\u017euje kupn\u00ed s\u00edlu pen\u011bz a proto se vyplat\u00ed hledat<\/span><b> aktiva, kter\u00e1 dok\u00e1\u017eou<\/b> <b>uchovat hodnotu v pr\u016fb\u011bhu \u010dasu<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h3>1. Bitcoin: Digit\u00e1ln\u00ed zlato nov\u00e9 generace<\/h3><p>A tady p\u0159ich\u00e1z\u00ed revoluce. <a href=\"https:\/\/cryptonews.com\/cz\/kryptomeny\/jak-ziskat-bitcoin-zdarma\/\"><b>Bitcoin<\/b><\/a>, kryptom\u011bna s pevn\u011b omezenou nab\u00eddkou 21 milion\u016f BTC, je navr\u017een tak, aby <b>odol\u00e1val inflaci<\/b>. Zat\u00edmco centr\u00e1ln\u00ed banky mohou tisknout pen\u00edze podle pot\u0159eby, bitcoin\u016f <b>nelze \u201evytisknout v\u00edc\u201c<\/b>. Jeho vz\u00e1cnost, transparentnost a nez\u00e1vislost na st\u00e1tech z n\u011bj d\u011blaj\u00ed <b>modern\u00ed alternativu k fyzick\u00e9mu zlatu<\/b>.<\/p><p>Nap\u0159\u00edklad v zem\u00edch jako <b>Argentina nebo Turecko<\/b>, kde inflace dosahuje stovek procent ro\u010dn\u011b, se bitcoin stal <b>praktickou ochranou proti znehodnocen\u00ed m\u011bny<\/b>. Lid\u00e9 jej pou\u017e\u00edvaj\u00ed k ukl\u00e1d\u00e1n\u00ed hodnoty i k mezin\u00e1rodn\u00edm p\u0159evod\u016fm.<\/p><p>Nutno dodat, nen\u00ed to dokonal\u00e9 \u0159e\u0161en\u00ed. Bitcoin je volatiln\u00ed, ale <b>v dlouhodob\u00e9m horizontu funguje jako defla\u010dn\u00ed aktivum<\/b>, kter\u00e9 <b>nem\u016f\u017ee b\u00fdt manipulov\u00e1no centr\u00e1ln\u00ed autoritou<\/b>.<\/p><div class=\"cpp-crypto-chart cpp-crypto-chart-btc\" data-coin-symbol=\"btc\" data-price-usd=\"BTC Price (USD)\" data-main-color=\"#7a2197\" data-watermark-image=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/06\/20161447\/logologo_white.png\" data-chart-style=\"cryptonews\"><div class=\"cpp-chart-header-wrapper\"><div class=\"cpp-chart-header\"><img decoding=\"async\" class=\"cpp-chart-header-logo lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"btc logo\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/2024\/02\/26205235\/btc.svg\" data-srcset=\"\"><div class=\"cpp-chart-coin-info\"><div class=\"cpp-chart-coin-name\">Bitcoin (BTC)<\/div><div class=\"cpp-chart-price-row\"><span class=\"cpp-chart-price\"><\/span><span class=\"cpp-chart-change\"><\/span><\/div><\/div><\/div><div class=\"cpp-chart-selectors\"><span class=\"cpp-chart-selector\" data-period=\"24h\">24h<\/span><span class=\"cpp-chart-selector\" data-period=\"7d\">7d<\/span><span class=\"cpp-chart-selector\" data-period=\"30d\">30d<\/span><span class=\"cpp-chart-selector\" data-period=\"1y\">1y<\/span><span class=\"cpp-chart-selector\" data-period=\"all_time\">All time<\/span><\/div><\/div><canvas id=\"cpp-chart-69876d5fd26bb\" class=\"cpp-chart-container\"><\/canvas><\/div><h3><span style=\"font-weight: 400\">2. Zlato a st\u0159\u00edbro: Tradi\u010dn\u00ed ochrana<\/span><\/h3><p><span style=\"font-weight: 400\">Po stalet\u00ed jsou drah\u00e9 kovy symbolem jistoty. Kdy\u017e sefiat m\u011bny znehodnocuj\u00ed a trhy kol\u00edsaj\u00ed, zlato i st\u0159\u00edbro si obvykle svou <\/span><b>hodnotu udr\u017e\u00ed<\/b><span style=\"font-weight: 400\">. Lid\u00e9 jim d\u016fv\u011b\u0159uj\u00ed, proto\u017ee jsou <\/span><b>vz\u00e1cn\u00e9, fyzicky existuj\u00ed<\/b><span style=\"font-weight: 400\"> a nem\u016f\u017ee je \u201evytisknout\u201c \u017e\u00e1dn\u00e1 centr\u00e1ln\u00ed banka.<\/span><\/p><p><span style=\"font-weight: 400\">Na druhou stranu, zlato ani st\u0159\u00edbro <\/span><b>nejsou v\u00fdnosov\u00e1 aktiva<\/b><span style=\"font-weight: 400\">,, proto\u017ee <\/span><b>nenesou \u00faroky ani dividendy<\/b><span style=\"font-weight: 400\"> jako jin\u00e9 investice. Nav\u00edc je pot\u0159eba je <\/span><b>bezpe\u010dn\u011b uchov\u00e1vat<\/b><span style=\"font-weight: 400\">, co\u017e znamen\u00e1 dal\u0161\u00ed n\u00e1klady.<\/span><\/p><h3><span style=\"font-weight: 400\">3. Protiinfla\u010dn\u00ed dluhopisy<\/span><\/h3><p><span style=\"font-weight: 400\">Protiinfla\u010dn\u00ed dluhopisy p\u0159edstavuj\u00ed <\/span><b>bezpe\u010dn\u00fd zp\u016fsob, jak ochr\u00e1nit \u00faspory p\u0159ed rostouc\u00edmi cenami<\/b><span style=\"font-weight: 400\">. V USA tuto roli pln\u00ed <\/span><b>Treasury Inflation-Protected Securities (TIPS)<\/b><span style=\"font-weight: 400\">, jejich\u017e hodnota se automaticky upravuje podle inflace. <\/span><\/p><p><span style=\"font-weight: 400\">V \u010cesk\u00e9 republice v sou\u010dasnosti <\/span><b>nejsou dostupn\u00e9 \u017e\u00e1dn\u00e9 aktivn\u00ed protiinfla\u010dn\u00ed st\u00e1tn\u00ed dluhopisy pro drobn\u00e9 investory<\/b><span style=\"font-weight: 400\">. Ministerstvo financ\u00ed je nab\u00edzelo v letech 2012\u20132019, tento program v\u0161ak skon\u010dil v roce 2022 a vl\u00e1da zat\u00edm neozn\u00e1mila jeho obnoven\u00ed. <\/span><\/p><p><span style=\"font-weight: 400\">Naopak <\/span><b>v Evrop\u011b m\u00e1 tento typ investic dlouhou tradici<\/b><span style=\"font-weight: 400\">. Francie vyd\u00e1v\u00e1 <\/span><b>OATi a OAT\u20aci<\/b><span style=\"font-weight: 400\">, <\/span><b>It\u00e1lie<\/b><span style=\"font-weight: 400\"> \u00fasp\u011b\u0161n\u011b prod\u00e1v\u00e1 <\/span><b>BTP Italia<\/b><span style=\"font-weight: 400\">, a <\/span><b>N\u011bmecko<\/b><span style=\"font-weight: 400\"> nab\u00edz\u00ed <\/span><b>inflation-linked Bunds<\/b><span style=\"font-weight: 400\">, jejich\u017e hodnota se odv\u00edj\u00ed od indexu HICP. <\/span><\/p><p><span style=\"font-weight: 400\">Tyto n\u00e1stroje jsou dostupn\u00e9 i \u010desk\u00fdm investor\u016fm \u2013 nap\u0159\u00edklad p\u0159es <\/span><b>ETF<\/b><span style=\"font-weight: 400\">, jako je <\/span><b>iShares EUR Inflation Linked Govt Bond UCITS ETF.<\/b><\/p><figure id=\"attachment_3858\" aria-describedby=\"caption-attachment-3858\" style=\"width: 1057px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3858 lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"V\u00fdvoj ceny iShares EUR Inflation Linked Govt Bond ETF za posledn\u00ed rok. \" width=\"1057\" height=\"592\" sizes=\"auto, (max-width: 1057px) 100vw, 1057px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2.jpg\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2.jpg 1057w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2-300x168.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2-1024x574.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2-768x430.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/17080406\/1760688246-2-450x252.jpg 450w\"><figcaption id=\"caption-attachment-3858\" class=\"wp-caption-text\">V\u00fdvoj ceny iShares EUR Inflation Linked Govt Bond ETF za posledn\u00ed rok. Zdroj: etoro<\/figcaption><\/figure><h2><span style=\"font-weight: 400\">Z\u00e1v\u011br: Inflace je tich\u00fd zabij\u00e1k, ale d\u00e1 se zkrotit<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<span style=\"font-weight: 400\">Inflace je <\/span><b>neviditeln\u00e1 da\u0148, kter\u00e1 oslabuje hodnotu pen\u011bz<\/b><span style=\"font-weight: 400\">. Je nezbytn\u00e9 j\u00ed rozum\u011bt \u2013 v\u011bd\u011bt, <\/span><b>co je inflace, jak vznik\u00e1 a jak se m\u011b\u0159\u00ed<\/b><span style=\"font-weight: 400\">. M\u00edrn\u00e1 inflace podporuje r\u016fst, ale pokud se utrhne z \u0159et\u011bzu, <\/span><b>dok\u00e1\u017ee rozvr\u00e1tit ekonomiky i znehodnotit \u017eivotn\u00ed \u00faspory<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Na\u0161t\u011bst\u00ed existuj\u00ed zp\u016fsoby, jak se br\u00e1nit \u2013 <\/span><b>zlato, TIPS nebo <\/b><a href=\"https:\/\/cryptonews.com\/cz\/kryptomeny\/kde-koupit-bitcoin\/\"><b>bitcoin<\/b><\/a><span style=\"font-weight: 400\">. A\u0165 u\u017e jste konzervativn\u00ed investor, nebo fanou\u0161ek krypta, kl\u00ed\u010dem je <\/span><b>diverzifikace<\/b><span style=\"font-weight: 400\">.<\/span><\/p><p><span style=\"font-weight: 400\">Proto\u017ee i kdy\u017e inflaci nezastav\u00edme, m\u016f\u017eeme se nau\u010dit <\/span><b>nep\u0159ij\u00edt kv\u016fli n\u00ed o v\u0161echno<\/b><span style=\"font-weight: 400\">.<\/span><\/p><h2><span style=\"font-weight: 400\">FAQ<\/span><\/h2><p><span class=\"replacer\"><\/span><br>\n<\/p><div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\">\r\n<!--                            <script>jQuery(document).ready(function() {\r\n\t\t\t\t\t\t\t\tjQuery(\".accordionButton\").click(function() {\r\n\t\t\t\t\t\t\t\t\tjQuery(\".accordionButton\").removeClass(\"on\");\r\n\t\t\t\t\t\t\t\t\tjQuery(\".accordionContent\").slideUp(\"normal\");\r\n\t\t\t\t\t\t\t\t\tif(jQuery(this).next().is(\":hidden\") == true) {\r\n\t\t\t\t\t\t\t\t\t\tjQuery(this).addClass(\"on\");\r\n\t\t\t\t\t\t\t\t\t\tjQuery(this).next().slideDown(\"normal\");\r\n\t\t\t\t\t\t\t\t\t } \r\n\t\t\t\t\t\t\t\t\t  \r\n\t\t\t\t\t\t\t\t });\r\n\t\t\t\t\t\t\t\t });\r\n\t\t\t\t\t\t\t<\/script>-->\r\n\t\t\t\t\t\t\t<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\"><span style=\"font-weight: 400\">Co je inflace a pro\u010d vznik\u00e1?<\/span><\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">Inflace je r\u016fst cenov\u00e9 hladiny zbo\u017e\u00ed a slu\u017eeb v \u010dase \u2013 jednodu\u0161e \u0159e\u010deno, za stejn\u00e9 pen\u00edze si koup\u00edte m\u00e9n\u011b ne\u017e d\u0159\u00edve. Vznik\u00e1, kdy\u017e v ekonomice p\u0159ib\u00fdv\u00e1 v\u00edce pen\u011bz ne\u017e zbo\u017e\u00ed a slu\u017eeb, nebo kdy\u017e se zvy\u0161uj\u00ed v\u00fdrobn\u00ed n\u00e1klady (nap\u0159. ceny energi\u00ed \u010di mezd).<\/span><\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\"><span style=\"font-weight: 400\">Jak se inflace m\u011b\u0159\u00ed<\/span>?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">Inflace se nej\u010dast\u011bji m\u011b\u0159\u00ed pomoc\u00ed indexu spot\u0159ebitelsk\u00fdch cen (CPI), kter\u00fd sleduje pr\u016fm\u011brn\u00e9 zdra\u017een\u00ed tzv. spot\u0159ebn\u00edho ko\u0161e \u2013 tedy b\u011b\u017en\u00fdch polo\u017eek jako j\u00eddlo, bydlen\u00ed, energie \u010di doprava. V mezin\u00e1rodn\u00edm srovn\u00e1n\u00ed se pou\u017e\u00edv\u00e1 tak\u00e9 HICP (harmonizovan\u00fd index EU) a pro firmy PPI \u2013 index cen v\u00fdrobc\u016f<\/span>.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\"><span style=\"font-weight: 400\">Je inflace v\u017edy \u0161patn\u00e1?<\/span><\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">Ne nutn\u011b. M\u00edrn\u00e1 inflace (okolo 2 %) je znakem zdrav\u00e9 ekonomiky \u2013 podporuje spot\u0159ebu, investice i r\u016fst mezd. Probl\u00e9m nast\u00e1v\u00e1, kdy\u017e inflace p\u0159ekro\u010d\u00ed \u00fanosnou hranici, lid\u00e9 ztr\u00e1c\u00ed d\u016fv\u011bru v m\u011bnu a ceny rostou rychleji ne\u017e platy.<\/span><\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\"><span style=\"font-weight: 400\">Kdo z inflace profituje a kdo naopak ztr\u00e1c\u00ed?<\/span><\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">V\u00edt\u011bzi b\u00fdvaj\u00ed majitel\u00e9 re\u00e1ln\u00fdch aktiv (nap\u0159. nemovitost\u00ed, zlata \u010di akci\u00ed), jejich\u017e hodnota roste s cenovou hladinou. Por\u00e1\u017eeni jsou lid\u00e9 s hotovost\u00ed na \u00fa\u010dtech, proto\u017ee jej\u00ed re\u00e1ln\u00e1 hodnota kles\u00e1. Ztr\u00e1c\u00ed tak\u00e9 d\u016fchodci a zam\u011bstnanci, jejich\u017e p\u0159\u00edjmy nerostou tempem inflace.<\/span> <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \"><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\"><span style=\"font-weight: 400\">Jak se mohu proti inflaci chr\u00e1nit?<\/span><\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><span style=\"font-weight: 400\">Nejspolehliv\u011bj\u0161\u00ed je diverzifikace portfolia. Odborn\u00edci doporu\u010duj\u00ed rozd\u011blit \u00faspory do v\u00edce t\u0159\u00edd aktiv:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u010d\u00e1st do zlata nebo st\u0159\u00edbra (uchov\u00e1n\u00ed hodnoty),<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u010d\u00e1st do akci\u00ed a fond\u016f (r\u016fstov\u00e1 slo\u017eka),<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u010d\u00e1st do nemovitost\u00ed nebo REIT\u016f,<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a modern\u011b i do kryptom\u011bn (nap\u0159. bitcoin, kter\u00fd m\u00e1 omezenou nab\u00eddku).<\/span>\r\n                <\/li><\/ul><\/div><\/div><\/section>\n\n<h3>Reference:<\/h3>\n<p>https:\/\/www.techopedia.com\/definition\/inflation<\/p>\n<p>https:\/\/www.imf.org\/en\/Countries\/CZE<\/p>\n<p>https:\/\/www.cnb.cz\/en\/monetary-policy<\/p>\n<p>https:\/\/tradingeconomics.com\/czech-republic\/producer-prices-change<\/p>\n<p>https:\/\/www.investopedia.com\/terms\/i\/inflation.asp<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Ka\u017ed\u00fd ji poci\u0165uje, ale m\u00e1lokdo j\u00ed opravdu rozum\u00ed. Inflace, ten neviditeln\u00fd zlod\u011bj, kter\u00fd ka\u017ed\u00fd den ukrajuje z hodnoty na\u0161ich \u00faspor, a\u0165 u\u017e m\u00e1me pen\u00edze v bance, pod matrac\u00ed nebo investovan\u00e9. Mnoho lid\u00ed se pt\u00e1: co je inflace, co to vlastn\u011b znamen\u00e1, jak vznik\u00e1 inflace a d\u00e1 se p\u0159ed n\u00ed v\u016fbec br\u00e1nit?V roce 2025 se inflace [&hellip;]<\/p>\n","protected":false},"author":638,"featured_media":4166,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"topics":[445],"class_list":["post-3852","academy","type-academy","status-publish","has-post-thumbnail","hentry","topics-investovani-a-obchodovani-kryptomen","experience-zacatecnik"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Co je inflace a jak se p\u0159ed n\u00ed chr\u00e1nit - Cryptonews CZ<\/title>\n<meta name=\"description\" content=\"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. 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V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak vznik\u00e1 a jak se p\u0159ed n\u00ed chr\u00e1nit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/\" \/>\n<meta property=\"og:site_name\" content=\"Cryptonews CZ\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-28T09:41:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/28093020\/1761643820-graf-cn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1456\" \/>\n\t<meta property=\"og:image:height\" content=\"816\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak vznik\u00e1 a jak se p\u0159ed n\u00ed chr\u00e1nit.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/28093020\/1761643820-graf-cn.jpg\" \/>\n<meta name=\"twitter:site\" content=\"@cryptonews\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Co je inflace a jak se p\u0159ed n\u00ed chr\u00e1nit - Cryptonews CZ","description":"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak vznik\u00e1 a jak se p\u0159ed n\u00ed chr\u00e1nit.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/","og_locale":"cs_CZ","og_type":"article","og_title":"Co je inflace a jak se p\u0159ed n\u00ed chr\u00e1nit - Cryptonews CZ","og_description":"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak vznik\u00e1 a jak se p\u0159ed n\u00ed chr\u00e1nit.","og_url":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/","og_site_name":"Cryptonews CZ","article_modified_time":"2025-10-28T09:41:13+00:00","og_image":[{"width":1456,"height":816,"url":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/28093020\/1761643820-graf-cn.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_description":"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme, jak vznik\u00e1 a jak se p\u0159ed n\u00ed chr\u00e1nit.","twitter_image":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/28093020\/1761643820-graf-cn.jpg","twitter_site":"@cryptonews","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/","url":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/","name":"Co je inflace a jak se p\u0159ed n\u00ed chr\u00e1nit - Cryptonews CZ","isPartOf":{"@id":"https:\/\/cryptonews.com\/cz\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/#primaryimage"},"image":{"@id":"https:\/\/cryptonews.com\/cz\/academy\/co-je-inflace\/#primaryimage"},"thumbnailUrl":"https:\/\/cimg.co\/wp-content\/uploads\/sites\/23\/2025\/10\/28093020\/1761643820-graf-cn.jpg","datePublished":"2025-10-28T09:33:58+00:00","dateModified":"2025-10-28T09:41:13+00:00","description":"Co je inflace? Inflace ur\u010duje, kolik si za sv\u00e9 pen\u00edze skute\u010dn\u011b koup\u00edme. 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