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MPC Member Sura Submits Resignation With Speaker of Polish Senate

POLAND
  • Yesterday, economic data showed that core CPI came in lower than expected at 9.1% (vs. 9.3% exp.), up from 8.5% the previous month.
  • This followed the final print on headline inflation on Friday, that came in at 15.5% (0.1ppt lower than the preliminary print at the start of the month).
  • Inflationary pressures continue to remain elevated in the CEE region, particularly considering that inflation would be significantly higher if Polish government did not introduce limits to price increases earlier this year.
    • GS recently estimated that the ‘anti-inflation shield’ is currently deducting around 3½-4pp from inflation.
  • Yesterday, PAP newswire reported that NBP policymaker Sura submitted his resignation with the speaker of the Polish Senate, declining to comment on that.
  • Sura's term would have ended on November 16.
  • Even though Sura has been 'media-shy', he could be considered as a NBP 'hawk' based on his few interviews/speeches.
  • He commented earlier this year that the 'sharp' tightening in financial conditions should cool down the economy too much, stressing that MP should remain focus on bringing inflation back to target.
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