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Interest rates, inflation in Poland. Adam Glapiński, President of the National Bank of Poland comments – press conference

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Interest rates have remained at the same level since September 8, 2022. – The reasons for this are obvious. Inflation is definitely falling, there are no inhibitions and fluctuations here, said the president of the National Bank of Poland, Adam Glapiński, on Wednesday. In his opinion, “disinflation, a decrease in inflation, in Poland covers an ever wider spectrum of goods.”

The Monetary Policy Council maintained the decision during its June meeting NBP interest rates at an unchanged level. We made the decision on Tuesday. This is the ninth meeting in a row when the MPC did not change interest rates. The main reference interest rate has remained at 6.75% since September 8, 2022.

Interest rates in Poland

– The Monetary Policy Council decided to leave interest rates unchanged. The reasons for this are obvious. Nobody expected a different decision from market observers and foreign analysts, said the President of the National Bank of Poland, Adam Glapiński, during the press conference on Wednesday.

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PAP/Maciej Zielinski

Inflation definitely decreases, there are no inhibitions and fluctuations here. It fell to 13 percent from a very high level. This is the lowest level of inflation in a year, which is something to be happy about. We are far from achieving our goal, but there is much to be happy about – emphasized Glapiński. As he pointed out in February inflation exceeded 18% year on year.

The head of the central bank pointed out that “the development of events predicted in our projection is taking place”. “Inflation is definitely falling and let’s keep it that way,” he added. Adam Glapiński pointed out that in May “for the first time in a very long time”, compared to the previous month, prices remained at the same level.

From the preliminary data from the Central Statistical Office shows that in May the increase in the prices of goods and services (CPI) amounted to 13% on an annual basis, while in April it was 14.7%. The market consensus, i.e. the median of analysts’ forecasts, assumed a 13.2 percent increase in prices last month. The final inflation data for May will be released on June 15. The NBP inflation target is 2.5 percent. +/- 1 percentage point

PAP/Maciej Zielinski

On the other hand, core inflation, excluding food and energy prices, in April this year amounted to 12.2 percent. Every year. – As we predicted, disinflation, a decrease in inflation, covers an ever wider spectrum of goods in Poland. It’s not just the dynamics that are clearly declining energy pricesor food, but also for the first time so clearly – what we have been waiting for – core inflation – pointed out Glapiński.

– In the coming months and quarters, the rapid process of falling inflation, including core inflation, will continue, announced the President of the National Bank of Poland.

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