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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- Inflation continues to surprise positively in Poland; CPI inflation came in out higher than expected and accelerated to 8.6% in December (vs. 8.2% exp.), up from 7.8% the previous month.
- Stronger-than-expected inflationary pressures may push the NBP to prolong the tightening cycle through H1 2022, leading to monthly 50bps hikes in the coming meetings.
- A more aggressive tightening pace (i.e. 75bps - 100bps hikes) could also be an option, but aggressive hikes tend to weigh on growth expectations, which have already been reviewed to the downside in recent months amid rising uncertainty.
- The chart below shows how strongly inflation has diverged from the NBP 3.5% upper tolerance band in the past year.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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