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NBP: Governor Says Core Inflation Is Exp. To Stay Elevated In Coming Quarters

NBP

Governor Adam Glapinski begins his press conference by pointing to a satisfactory first half of the year, with headline inflation staying within the +/-1pp tolerance zone around the +2.5% Y/Y target for five consecutive months through June. However, he admits that core inflation remains above headline and at relatively elevated levels. He says that core inflation will eventually fall to the target, but this process will take some time, and underlying price growth is expected to stay elevated in the coming quarters.

  • The Governor says that the NBP's mandate is focused exclusively on inflation - but "within reason." He has now spent some time lauding the central bank under his supervision for managing to suppress inflation without causing a spike in unemployment (unlike during other historical inflation episodes).
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