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NBP Governor Says Inflation Will Peak Around +18.5%, Ease To +6%-7% This Year


Polish central bank chief says that he expects headline inflation to peak below +20.0% Y/Y, likely around +18.5% in February.

  • Governor Glapinski pushes back against more hawkish inflation forecasts and criticises one of his MPC colleagues (likely Ludwik Kotecki, albeit Glapinski refuses to name him) for earlier forecasting an inflation rate of +24.0%.
  • The Governor says that we are nearing a moment when real wages will start rising again. He argues that it matters for households that wages grow faster than prices, even if price growth is fast.
  • Adam Glapinski notes that he personally expects headline inflation to be just above +7% Y/Y in November but it could be between +6% and +7% in an optimistic scenario.

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