[TEKST AKTUALIZOWANY]
The Monetary Policy Council left the interest rate unchanged. The main foot is therefore 5.75 percent. It remains at this level since October 2023. In the announcement, after the meeting, there were few new threads, except for references to the difficult environment of the external Polish economy. The MPC remains Jastrzębia – which is not very prone to foot reductions. Economists, however, hope that this year the cuts will take place. Now the crucial is, as the President of the NBP and the chairman of the Council will say. Adam Glapiñski He starts a press conference.
Adam Glapiński talks about inflation. Energy prices on the wallpaper
The conference of the NBP President of the NBP began (again) about not stretching the Polish Central Bank in the election campaign, emphasizing that bank He is independent, also politically.
Glapiński emphasized that the main reason for making such and no other decision by the MPC is inflation.
– Inflation Since July, it has increased clearly, in December it exceeded the inflation target almost twice. In the coming months it will probably increase and will be above 5 percent. Inflation is conquered by an increase in energy prices – said the president. – Inflation is conquering the price of energy and other regulatory and tax decisions, including a higher VAT rate for food, an increase in excise tax on alcohol and cigarettesincrease in cold water supply prices and sewage services prices. Added to this is the high dynamics of market services prices – he repeated what he had already said a month earlier.
Glapiński emphasized that inflation forecasts in the coming quarters indicate that inflation will not fall towards the target of the NBP in the coming quarters. Recall: it is 2.5 percent He again stated that this was the result of a parliamentary decision on energy prices (it is about the partial abolition of concessions and subsidies for electricity bills). – At the end of the year, inflation will be more or less the same as today – said Adam Glapiński.
The president stated that the dynamics of electricity prices in Poland is the highest in the entire EU – that is, the power prices are rising with us the fastest. He said that from July the so -called power fee, which is to increase the average electricity bill by 8 %, and inflation by 0.4 percentage points In October, the maximum price mechanism for energy is to expire, which will increase bills by an average of over 13 percent, and inflation by another 0.7 percentage points.
Inflation will not be found this year for what translates into the MPC decisions. – We have to postpone the discussion about possible reduction in interest rates for some time – said Glapiński.
More information soon