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ING on Polish CPI and NBP

POLAND
  • July CPI has been revised to 15.6% year-on-year, the highest level so far in 2022.
  • Yet the inflation peak is still ahead of us and ING expects it in the autumn as the heating season begins and drives up prices.
  • Hence, The MPC will be forced to hike interest rates further, albeit on a much smaller scale than ING saw in the first half of this year.
  • The NBP is unlikely to hike rates to the 8.5% level ING expected earlier this year.

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