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Glapinski Insists His Conditions For Lowering Interest Rates Were Met

NBP

NBP Governor Adam Glapinski starts his press conference by noting that inflation is now in single digits, as it was during the Monetary Policy Council's meeting yesterday and hence the key condition for lowering interest rates has been met.

  • The Governor cites modelling by the central bank's staff which suggests that CPI inflation will average around +8.5% Y/Y in September. He notes that these forecasts are not normally published.
  • Glapinski emphasises that prices have been virtually unchanged (he refers to M/M readings) for five months now. He notes that sequential readings give a more accurate picture of current inflation dynamics.
  • Regarding his second condition for cutting interest rates, Glapinski says that the central bank's projections suggest that inflation will continue falling towards the target over "many quarters" to come.

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