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Glapinski Reiterates Core Inflation Will Eventually Ease, Lagging Headline Figure

NBP

NBP Governor Adam Glapinski started his press conference after the Monetary Policy Council meeting by discussing inflation developments. The official emphasised that headline inflation has started its move away from highs and should keep cooling in the coming months, with disinflation expected to be "gradual but quick."

  • The Governor says that core inflation remains elevated across many countries and it is not a local phenomenon.
  • Glapinski reiterates his view that core CPI inflation tracks headline CPI inflation with a lag. He expects this dynamic to materialise going forward.
  • The official thus implicitly pushes back against the arguments of hawkish dissenters in the MPC, who suggested that sticky core CPI will prevent broader disinflation.
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