Governor Glapinski Accuses MPC Colleague Of Manipulation

Business Insider Polska runs an op-ed penned by NBP Governor Adam Glapinski in response to a recent publication authored by MPC's Ludwik Kotecki, who suggested that the government benefits from elevated inflation at the expense of ordinary citizens.

• Glapinski accuses Kotecki of "half-truths, insinuations and manipulations" and criticises the use of the term "inflation tax", which suggests that the increase in inflation observed in 2022-2023 was a result of economic policies.
• The Governor argues that the upswing in inflation was caused by shocks resulting from the COVID-19 pandemic and Russia's invasion of Ukraine, adding that the entire society had to bear the cost of these factors.
• Glapinski writes that the NBP is conducting monetary policy in such a way as to bring inflation to the +2.5% Y/Y +/- 1pp target while avoiding a recession. He notes that the current macroeconomic trends testify to the effectiveness of the current strategy.