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Glapinski Says Inflation Will Reach Target In 2H25, Defends NBP's Record

NBP

NBP Governor Adam Glapinski says that Polish CPI inflation is expected to ease to +7%-8% Y/Y at the end of this year, while the +2.5% +/- 1pp inflation target will be achieved in 2H2025. The Governor says that this pace of disinflation is similar to that seen elsewhere in Europe.

  • Glapinski pushes back against two main criticisms of the central bank's conduct related to the timing of first rate hikes and the selection of tools. He argues that the central bank started its tightening cycle at an appropriate moment, adding that it could not have issued retail "anti-inflationary" notes (we have recently summarised the latter debate), as suggested by some commentators.

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