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NBP: Governor Says Regulatory Factors Added 2.3pp To Headline Inflation

NBP
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion

Governor Adam Glapinski started his press conference by describing yesterday's on-hold rate decision as unanimously expected by analysts and moves on to the discussion of current economic conditions.

  • The Governor says that administrative/regulatory factors added around 2.3pp to headline inflation, bringing the latest reading to +5.0% Y/Y. If not for these factors, inflation would be lower by that much.
  • Governor Glapinski says that administrative/regulatory factors are chiefly related to energy price hikes, but not only - he points to the increases in the prices of cold water of goods subject to excise taxes.
  • The Governor says that these factors are outside of the NBP's control, but core inflation also remains elevated amid still robust wage growth, particularly in the public sector.
  • Still, he argues that Poland's core inflation is not unusually large. He suggests that core HICP inflation in Poland is lower than elsewhere in the region.
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Governor Adam Glapinski started his press conference by describing yesterday's on-hold rate decision as unanimously expected by analysts and moves on to the discussion of current economic conditions.

  • The Governor says that administrative/regulatory factors added around 2.3pp to headline inflation, bringing the latest reading to +5.0% Y/Y. If not for these factors, inflation would be lower by that much.
  • Governor Glapinski says that administrative/regulatory factors are chiefly related to energy price hikes, but not only - he points to the increases in the prices of cold water of goods subject to excise taxes.
  • The Governor says that these factors are outside of the NBP's control, but core inflation also remains elevated amid still robust wage growth, particularly in the public sector.
  • Still, he argues that Poland's core inflation is not unusually large. He suggests that core HICP inflation in Poland is lower than elsewhere in the region.