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Morning Summary: Core CPI To Surge To 3.9% In March

POLAND
  • With the 7D SMA in Covid daily cases rising above 20,000 this week (following the sharp drop since the start of the month), Polish officials decided to extend most of the restrictions for another week until April 25. This year, the Polish government has already allocated 45bn EUR in aid packages in order to protect jobs (PAP).
  • Poland CPI final print came in at 3.2% (as Prelim), up from 2.4% in February.
  • Core CPI to follow today (1pm London time), expected to rise to 3.9% in March (diverging from the 3.5% upper tolerance).
  • On Thursday, NBP policymaker Cezary Kochalski mentioned in an interview that there will be no decision to hike policy rates in the coming quarter; the central bank will remain accommodative by keeping financial conditions as loose as possible in order to stimulate growth. Kochalski also confirmed that the rise in inflation is expected to be only temporary and that inflationary pressures will start to ease in the second half of 2021.
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