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Core CPI Expected To Rise to 4% in May

POLAND
  • Polish cabinet approved an initial proposal for a 7.1% hike of minimum monthly wage to PLN 3,000 in 2022 according to the Development & Labor Ministry (BBG).
  • The NBP board remains split over the trajectory of short-term rates.
  • Yesterday, 'dovish' MPC member Gatnar repeated on TV Biznes24 that a 'symbolic' rate rise is needed as it is still not clear if the polish spike is temporary. Gatnar sees CPI inflation at 5% in June and confirmed that polish fiscal expansion will 'simulate inflation'.
  • MPC member Hardy also commented on TOK FM that polish interest rates should be 'gently normalized' right now as CPI inflation may remain elevated for longer than expected if NBP does not act.
  • Important economic data to watch today is Core CPI (1pm London time), which is expected to increase to 4% in May (from 3.9% the previous month).
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