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Economy, inflation and interest rates. Joanna Tyrowicz in “Piasecki’s Conversation”

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Inflation in Poland at the end of 2023 may be higher than the six percent mentioned by the president of the National Bank of Poland, Adam Glapiński, economist and member of the Monetary Policy Council, Joanna Tyrowicz, assessed in “Rozmowo Piaseckiego”. She added that “the light at the end of the tunnel is a little dim.”

Joanna Tyrowicz stated that since March inflation in Poland will start to fall. However, she did not agree with the NBP president’s forecast that inflation in December 2023 would be at the level of 6 percent. – I am in an embarrassing situation because we have indeed seen a short-term inflation forecast. This is one of the things that we managed to arrange for Council members to receive such a document. However, I can’t say what comes of it. All I can say is that 6 percent of it doesn’t come from it,” she said.

According to the MPC member, “at the end of the year we will be able to talk about inflation close to 10 percent.” – Whether it’s a little higher, it doesn’t matter. The problem is that the inflation we will be dealing with will be very persistent. It won’t come from electricity prices, oil prices, gasoline prices, but from changes in all other prices in the economy. If we look at our economy today, 80 percent of prices are rising by 10 percent or more,” she said.

“For me, the light at the end of the tunnel is so dim,” she added. Joanna Tyrowicz stated that only in 2025 inflation in Poland may approach the NBP inflation target, which is set at 2.5 percent. with a deviation range of one percentage point.

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Inflation and interest rates in Poland

The Monetary Policy Council (MPC) during its February meetingwhich ended on Wednesday, decided to keep NBP interest rates at an unchanged level. This means that the reference rate is 6.75%. on an annual basis. Rates remain unchanged from October 2022.

During the last press conference, the president of the National Bank of Poland, Adam Glapiński, stated that the Council was “lowering inflation as soon as circumstances allowed.” He said he expects inflation to drop sharply soon. – We see a light at the end of the tunnel, a happy moment when we will finally be able to rejoice that inflation will be lower from month to month – he said.

– Personally, I expect that in December (…) inflation may amount to 6 percent – he said.

Glapiński said that the MPC finished raising interest rates “more or less at the right time”. At the same time, he noted that it was “too early to discuss interest rate cuts”.

Main photo source: TVN24

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