The peak level of inflation can be expected in January 2022, when it may reach 7% y/y or more, believes the president of the National Bank of Poland (NBP) and the chairman of the Monetary Policy Council (MPC) Adam Glapiński.
“The peak of inflation is expected in January next year. It may reach this level of 7%, perhaps above, and from then on it will decline, unless other factors occur,” Glapiński said during the press conference following the MPC meeting yesterday.
As reported yesterday by the central bank, the November inflation projection of the NBP predicts (with a 50% probability) that inflation will amount to 4.8-4.9% in 2021 (against 3.8-4.4% in the July 2021 projection). r.), 5.1-6.5% in 2022 (compared to 2.5-4.1%, respectively) and 2.7-4.6% in 2023 (compared to 2.4-4.3% %).
Inflation in Poland, according to a quick estimate of the Central Statistical Office (GUS), increased in October this year to 6.8% y/y, and in monthly terms it amounted to 1%.
The MPC raised interest rates yesterday – by 75 bp for the reference rate (to 1.25%), the lombard rate (to 1.75%), and the deposit rate (to 0.75%); the rediscount rate was increased to 1.30% from 0.51%, and the discount rate – to 1.35% from 0.52%.
Source: ISBnews
