Glapinski Says Data Confirm Central Bank's Latest Macroeconomic Projection

NBP Governor Adam Glapinski started his press conference by noting that the central bank's macroeconomic projection is proving correct and a scenario of steep disinflation is showing in available data.

• The official points to the recent re-weighting of the CPI basket as a factor which resulted in a downward revision to headline inflation readings at the start of the year, but may nudge inflation readings higher in the latter part of the year.
• Glapinski describes Poland's elevated inflation as a regional phenomenon, citing higher outturns across Eastern Europe. He notes that regional economies have experienced faster energy price hikes, have tighter labour markets and have larger participation of food in their CPI baskets.