Governor Glapinski Starts Presser, Defends NBP's Track Record

Governor Adam Glapinski begins his press conference with a reminder that the NBP "adjusted" interest rates by a cumulative 100bp in September and October, as inflation was slowing slightly faster than forecast and economic growth was weaker than expected, which underpinned the assessment that monetary easing would not significantly delay the return to the inflation target.

• The Governor defends the central bank's record, both in terms of macroeconomic forecasting and interest-rate decisions. He says that the NBP's forecast was better than alternative projections circulated in the market.
• Glapinski says that core inflation is falling alongside headline inflation (he omits the fact that core inflation is showing some stickiness now). He adds that "we have beaten high inflation" and "there is no high inflation in Poland" anymore.