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Local Press Sees Runaway Inflation Out of NBP’s Control

POLAND
  • DGP writes that windfall taxes may be foregone entirely should their tweaks to power exchange obligations result in a marked decline to electricity prices. There remains division among lawmakers on the mechanisms of a windfall tax, with the PM’s chancellery still assuming one will go forward with more specific targeting, while others prefer levying the tax on specifically power firms and banks.
  • The front page of Parkiet writes that inflation has become “sticky” and the NBP themselves cannot contain it. The piece cites the Bank Millennium chief economist as saying that companies can still shift rising costs on clients. The piece runs ahead of the NBP rate decision on 5th October.
  • PAP cites a budget bill sent to parliament as showing the government targeting a government deficit of 4.5% of GDP in 2023, up from the August projection of 4.4%. In nominal terms the deficit is seen hitting PLN 150bln vs. the PLN 147bln projected in August.
  • Poland’s A-; Outlook Stable rating was affirmed on Friday at S&P. The ratings agency noted the balance between exposure to the Ukraine war and solid external and government balances.
  • PM Morawiecki is due to speak at a conference on the War in Ukraine later today. Manufacturing PMI is also due – seen at 40.2 (Prev. 40.9).
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