Glapinski Praises Soft Landing For Polish Economy

Governor Glapinski starts his press confernece with an optimistic message on the state of the domestic economy. He says that the economy is performing well, while inflation is evolving "precisely" in line with the NBP's projection and with the estimate he provided a year ago (he was suggesting that his personal forecast was closer to +6% Y/Y vs. the official forecast of +6%-7% Y/Y).

• Glapinski praises the soft landing engineered by the NBP, noting that Poland avoided a recession. He says that GDP likely grew faster in 4Q2023 than in 3Q2023. Glapinski adds that inflation rapidly fell, even as its decline has recently been a tad slower than before.
• The official emphasises the fact that core inflation continues to fall. He notes that it recorded its tenth consecutive decline in December. The Governor also refers to M/M price changes as "almost non-existent" in the recent months. He adds that inflation "in the psychological sense" has been practically non-existent for a long time now.