Central Bank Hawks Point To Sticky Core Inflation

News wires have circulated comments from two hawkish dissenters in the NBP's rate-setting panel, both of whom emphasised that core inflation keeps accelerating.

• Joanna Tyrowicz told Reuters that the NBP's current policy stance is not restrictive enough, given strong momentum in core inflation. She argued that policymakers should not give too much priority to concerns over economic slowdown amid the need to contain price pressures. She noted that "certainly, we need higher interest rates" as "our job in bringing inflation back to target is far from done."
• Ludwik Kotecki gave an interview to Biznes24 TV channel, noting that he expects CPI inflation to be above +10% Y/Y at the end of the year. This contrasts with Governor Glapinski's personal forecast of +6% Y/Y, but matches a projection made by Tyrowicz earlier this week. Kotecki suggested that inflation might print at +18.5%-19.1% Y/Y in February and warned against pro-inflationary fiscal pledges in the election year.