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2023 Breakeven Inflation Edges Lower to 3.51%

POLAND
  • 2023 Breakeven inflation continues to gradually edge lower, currently trading at 3.51% (slightly above the 3.5% NBP upper tolerance band).
  • We have seen recently that disagreements between NBP members over the trajectory of short term rates have been rising in recent weeks.
  • July CPI print and summer projections will be key for policy outlook.
  • As a reminder, Polish (preliminary) CPI inflation decelerated in June, up 4.4% YoY (vs. 4.6% expected) and down from 4.7% from the previous month.

Source: Bloomberg/MNI

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