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Wednesday, April 17, 2024

Inflation, price increase. MPC member Ludwik Kotecki: it is very possible that it will be 20 percent in February

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Inflation is still very high. We are on the verge and it is very possible that we will see 20 percent in February, said a member of the Monetary Policy Council, Ludwik Kotecki, on TVN24. – So far we see a reduction in what the government called putinflation and what the government has influence on. And domestic inflation, not putinflation, will continue to bother us and even accelerate a bit, he explained.

According to data from the Central Statistical Office inflation in Poland in December 2022 amounted to 16.6 percent. The Monetary Policy Council did not change anything during its January meeting interest rates. This decision was expected by most economists.

Ludwik Kotecki, a member of the MPC, was a guest of “One for One” on TVN24 on Saturday. – Inflation is still very high. The government froze everything that could be frozen. What it influenced, he said.

Asked if inflation could reach 20 percent, he replied: – We are on the verge, it is very possible that in February we will see these two (in front – ed.).

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– But there are also chances, high, not zero, that it will be 19.8 percent or 19.9 percent. It doesn’t make a difference, but it does make a psychological difference.”

Kotecki admitted that he is in favor of raising interest rates. – In recent months, the Council decided not to raise interest rates, recognizing that the problem of inflation may no longer be so important, hoping that the measures that have been taken will be sufficient. I still believe that we will stay with it (inflation – ed.) at a two-digit level even at the end of the year – he said.

– So far we see a reduction in what the government called putinflation and what the government has influence on. We do not see a purely market-based disinflation, i.e. the one we are talking about and influenced by monetary policy. And since we do not see it, it means that this domestic inflation, and not putinflation, will continue to bother us and even accelerate a bit, explained the MPC member.

Main photo source: TVN24



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