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CPI Data Takes Centre Stage

  • Domestic data steals the limelight today. Poland is set to report final Q3 GDP, but flash November CPI is likely to take centre stage. The reaction of some sell-side desks to yesterday's German and Spanish inflation figures suggests that tentative signs of easing inflationary pressures in the Eurozone may have shifted sentiment on today's readings out of Poland. Bloomberg consensus still suggests that headline inflation may have quickened to +18.0% Y/Y this month from +17.9% prior.
  • German Chancellor Olaf Scholz and his Defence Minister Christine Lambrecht asssured that the offer to station Germany's Patriot missile system near Poland's border with Ukraine remains on the table, despite recent tensions over Warsaw's proposal to send the system to Ukraine. Poland's Deputy Defence Minister Skurkiewicz said this morning that Warsaw is ready to accept Patriot missiles and the final decision belongs to Germany.
  • Environment Minister Moskwa told Gazeta Polska that Poland expects decisive legislative action in the EU to cap natural gas prices. She noted that further votes on the matter will be suspended until member states agree on the price cap level.
  • Government spokesman Piotr Muller confirmed that the European Commission last Friday accepted a technical agreement on Poland's National Recovery Plan, which still needs to be signed by both parties. The signing of the deal would bring Poland closer to unblocking suspended EU recovery funds.

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