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Glapinski Strikes Optimistic Notes On Disinflation, Macro Developments

NBP

NBP Governor Adam Glapinski moves to the main subject of his press conference, noting that he has "only good news." He flags progress in curbing inflation, both in Poland and in the wider region.

  • The Governor places much emphasis on the fact that sequential CPI readings flatlined in both May and June, which in his view is the best reflection of the current situation. He points to the notable decline in headline inflation from its cyclical peak.
  • Glapinski says that "greedflation" was responsible for 50%-60% of price hikes in 2022. It is not the first time the Governor refers to this theory, which suggests that it may have featured in MPC discussions.
  • Glapinski expresses satisfaction with the situation in the labour market, with Poland having the second-lowest unemployment rate in the EU. He also reaffirmed that Poland is heading for a "soft landing."
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