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Core CPI Likely To Peak This Summer

POLAND
  • Final CPI came in at 15.6% in June, picking up 0.1ppt from the previous month (vs. 1.6% acceleration between May and June), suggesting that inflation is starting to lose steam.
  • According to PKO bank, core inflation should enter a sustained downward trend in August/September, which should let NBP policymakers end the tightening cycle as soon as this fall.
  • Core CPI is coming out on August 16 and is expected to accelerate to 9.2% in July (vs. 9.1% in June).
  • Last week, economic data showed that Poland’s current account deficit came in ‘lower’ than expected at 1.47bn EUR in June (vs 2.5m EUR expected), more or less steady from the revised 1.48m EUR the previous month.

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