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Morning Summary: Preliminary April CPI Rises To 4.3%

POLAND
  • Covid daily new cases continue to drop with the 7D SMA falling from 12,700 to 7,700 in the 7 days.PM Mateusz Morawiecki announced the gradual reopening of Poland economy on Wednesday: Poland will reopen shopping malls with some restrictions on May 4 and hotels on May 8, and follow up with allowing outdoor dining from May 15 and indoor dining from May 29.
  • Poland's lower house of parliament will hold a special session on Tuesday May 4 to vote on the EU's recovery fund, opposition lawmaker Urszula Zielinska tells Bloomberg.
  • Preliminary April CPI rose to 4.3% YoY, higher than the 3.9% expected and up from 3.2% in March; policymakers have recently mentioned several times that inflationary pressures could continue to rise in the short term and that CPI inflation could break above 4% YoY in April/May.
  • Next week, the NBP is expected to keep its benchmark rate steady at 0.1% on May 5; interest rates in Poland are expected to remain low until at least the middle of 2022 as policymakers aim to keep financial conditions as loose as possible to stimulate the economic recovery after the difficult first quarter.
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