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Governor Glapinski Says New Social Spending Will Boost Inflation By 0.1pp In '24

NBP

NBP Governor Adam Glapinski told PAP newswire that the ruling party's fiscal proposals unveiled on the campaign trail will boost inflation by 0.1pp in 2024 and by 0.3pp in 2025. The official cited estimates based on NECMOD, the central bank's main forecasting model.

  • PAP reports that the boost to inflation from new fiscal spending would likely delay the return to the central bank's CPI target until 4Q2025.
  • According to the data provided by the Governor, new social spending would boost GDP growth by 0.3pp in 2024 and by 0.2pp in 2025.
  • His estimates are more conservative than those of his hawkish colleague Ludwik Kotecki, who recently said inflation could be 2pp higher due to the fiscal measures.
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