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Retail Sales Increase By 22% in March

POLAND
  • This week, NBP member Litwiniuk mentioned that the central bank may be nearing the end of its tightening cycle even though he sees inflation peaking at around 17% in Q3.
  • Yesterday, Development Minister Buba said that Poland is currently in 'final stretch' of talks with EU on recovery funds.
  • Economic data showed yesterday that average gross wages accelerated to 12.4% YY in March (vs. 10.6% exp.) and PPI inflation accelerated to 20% YoY (vs. 18.1% exp.).
  • Polish government has asked European Union for additional funds needed to cover costs related to maintaining Ukrainian refugees in the country, Rzeczpospolita newspaper reports, without citing anyone. Poland estimates cost at EU11b this year and EU24b if situation in Ukraine deteriorates (BBG).
  • Retail sales accelerated to 22% YoY in March (vs. 18.6% exp.) and construction output rose 27.6% (vs. 14.8% exp.).
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