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Morning Summary: Inflationary Pressures Remain Firm

POLAND
  • Covid daily new cases continue to drop with the 7D SMA falling from 21,400 to 13,900 in the 7 days. Poland will present a detailed plan for reopening sectors such as restaurants and hotels next Wednesday but will remain cautious in doing so as levels of hospitalizations and deaths remain high.
  • PPI inflation increased more than expected in March, up 3.9% YoY (vs. 3.6% expected) from 2.2% in February, confirming that inflationary pressures remain firm. On Tuesday, MPC member Lukasz Hardt told a webinar that CPI inflation is 'very likely' to hit 4% YoY in April after surging from 2.4% to 3.2% in March.
  • Average Gross Wages Rose 8% YoY in March (vs. 5.3% expected), up from 4.5% the previous month.
  • Today, we saw that March retail sales surged more than expected to 17.1% YoY (vs. 12.5%), while construction output fell by 10.8% (vs. 9.7% exp).
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