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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- Yesterday, economic data showed that Poland core CPI rose to 4.5% in October (as expected), up from 4.2% the previous month.
- The chart below shows that both headline and core inflation are now standing far above the NBP 3.5% upper tolerance band.
- Yesterday morning, another NBP member Kamil Zubelewicz mentioned that the NBP may need to hike interest rates to 3% to curb inflationary pressures, which are expected to remain elevated until January 2022.
- Zubelewicz does not think that returning the policy rate to pre-Covid level of 1.5% will be enough to combat inflation.
- In addition, the recent PLN weakness amid rising political and economic uncertainty will continue to support inflation expectations.
- The NBP is likely to continue its tightening cycle at the December meeting; the magnitude of the hike will depend strongly on CPI November print coming out on November 30.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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