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Inflation in Poland. Marek Belka: domestic breeding inflation has no reason to fall too fast

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I think that this is already the peak of inflation, but I would not expect it to be radically better, said Marek Belka, MEP of the Left, in “Rozmowie Piaseckiego” on TVN24. As he said, “inflation resulting from international factors will disappear”, but the inflation of “domestic breeding” has no reason to fall too quickly.

WITH data from the Central Statistical Office it follows that inflation in February 2023, it increased to 18.4 percent year-on-year. The last time inflation exceeded the 18 percent annualized mark was in December 1996. Compared to the previous month, prices went up by 1.2 percent.

Professor Marek Belka, former prime minister and former president of the National Bank of Poland, currently an MEP of the Left, commenting on this data on Tuesday in “Rozmowo Piaseckiego”, assessed that “this is already the peak” of inflation, but, as he added, he would not count on “it will be radically better “.

“There will be a descent from this very high level, hopefully as low as possible at the end of the year, but I don’t think it will be a descent to single-digit inflation,” he said.

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As he said, “inflation that results from international factors will disappear.”

– On the other hand, inflation, so to speak, of domestic breeding, which is reflected in the so-called core inflation index, has no reason to fall too quickly. Unfortunately, we can still count on the fact that inflation will be very high, he added.

He pointed out that “inflation around 10 percent is basically as destructive to the economy as the current one.”

Belka said that “at the moment we have been intensified with the inflation of home-grown farming by the wrong policy of budget expenditures and the wrong monetary policy”. – These errors were compounded by the very unfortunate communication of the bank (central-ed.) – he assessed.

Main photo source: TVN24

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