As reported by the Central Statistical Office (GUS) at the beginning of July, inflation in June was 15.6 percent. every year. This is the highest level in 25 years. When will inflation start to fall? Marta Keitly, Vice President of the Polish National Bank, heard this question on Guest News.
NBP vice president about peak inflation
According to the data we have, inflation will be at its peak this summer – replied the deputy head of the Central Bank. – July and August and should not be much more than reading from June. Then inflation will come down slowly this year, and then – if the government’s anti-inflation shield is maintained, and we have certain indications that it will be maintained – then we will deal with a drastic drop in inflation next year. – She added.
According to Keatley, by the end of 2023 inflation is likely to reach a level of approximately 6.7%, and in 2024 “we will find ourselves in the range of deviations from the inflation target by the end of the year.”
NBP chief on further interest rate decisions
The head of the Central Bank, Adam Glapinsky, also spoke of the peak of inflation in the summer months. He stressed that if this does not happen, the Monetary Policy Council will continue to raise interest rates. – I would like the gradual decline in inflation rates to begin after the summer holidays. This is our primary projection, but it is a conditional assessment and all subsequent decisions will always be made on the basis of new data and expectations. If inflation keeps rising steadily, we will raise rates, and if it stabilizes during the summer holidays, we will not Glapiński said.
Remember that the Monetary Policy Council raised interest rates last Thursday for the tenth time in a row. The main reference rate rose from 6 to 6.5 percent.
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