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Inflation in Poland. A new banner on the NBP building. “This is the Kremlin’s narrative”

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Blaming the National Bank of Poland and the government for high inflation is the Kremlin’s narrative, it was written on a banner hung on the building of the National Bank of Poland. Konrad Piasecki, TVN24 journalist, who hosts the programs “Rozmowa Piaseckiego” and “Kawa na Ława” noticed changes at the headquarters of the central bank. On Monday we got the final data on April’s inflation. Prices of consumer goods and services increased by 14.7 percent year-on-year last month.

The banner that hangs at the headquarters of the National Bank of Poland reads that “blaming the National Bank of Poland and the government for the high inflation is the Kremlin’s narrative.” Two “main causes of inflation” were also listed: Russian aggression in Ukraineas well as the pandemic “and its effects”.

Inflation banner on the NBP building Konrad Piasecki, TVN24

Accusations of “Russian narrative”

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During the last press conference, Adam Glapiński argued that the “narrative that it was the government’s mistakes” led to inflation “is a narrative Russia“. – If someone wants to protest against inflation, let him go to the Russian embassy, ​​and if he thinks that the pandemic was born in Chinathen also to the Chinese embassy – said Adam Glapiński.

– I hear arguments that the core inflation is high due to the incorrect policy of the NBP. This is nonsense, demagoguery, said the President of the National Bank of Poland. “There are two reasons for high inflation around the world: the pandemic and Russia’s aggression against Ukraine,” he added.

NBP President Adam Glapiński on high core inflationTVN24 BiS

Dudek: It’s an inflation lie

Economists, however, disagree with such claims. – Who is responsible for the fact that our economy and savings will burn? The one who started the fire or the one who failed to put out the fire? – Sławomir Dudek, economist, president and founder of the Institute of Public Finance, professor of the Warsaw School of Economics, recently wondered in the “Fakty po Faktach” program on TVN24.

He added that “inflation lie” there are claims that the sole causes of inflation are the pandemic and Russian aggression in Ukraine. – You can compare it to a fire. Let’s assume that Putin started this inflationary fire, but also that President Glapiński added to it with a late reaction, the government also set fire to it by spreading these social transfers – he assessed.

Inflation in Poland

Inflation in Poland is currently at double-digit levels. Prices of consumer goods and services in April 2023 increased by 14.7 percent year-on-year. The growth leader remains sugar, which overtook the prices of heat energy and transport services. There are also products whose prices have fallen year on year.

Inflation in PolandPAP/Maciej Zielinski

According to NBP data, in April 2023, excluding food and energy prices, inflation amounted to 12.2 percent year on year. This is an index of price growth excluding food and energy prices.

Main photo source: Konrad Piasecki, TVN24



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