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Government Must Cut Spending To Fight Inflation (Zubelewicz)

POLAND
  • NBP (former) policymaker Zubelewicz said in an interview yesterday that Poland must cut spending to continue its combat against inflation, including some assistance to families and retirees.
  • Zubelewicz added that high prices are 'translating with some delay into wage claims'. As a reminder, Zubelewicz's term ended on Sunday.
  • Yesterday, economic data showed that retail sales rose surged by 20% YoY in January (vs. 19.7% exp.), up from 16.9% the previous month.
  • Development & Technology Minister Piotr Nowak wrote on Twitter yesterday that Poland’s GDP growth may approximate 7% YoY in Q1 given the higher-than-expected increase in industrial production on Friday. Industrial output rose by 19.2% y/y (vs. 14.7% exp.).

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