NBP Release May 10 Meeting Minutes

• The NBP have released the minutes of the May 10 MPC meeting. Worth noting that the minutes are a touch stale given we have just had the June rate decision (which we have released our review of here: https://roar-assets-auto.rbl.ms/files/53413/MNI%20...)
• Nevertheless, here are some selected highlights:
  • Certain Council members expressed the opinion that given the persistently high price growth and elevated inflation expectations, the hitherto scale of interest rate hikes by NBP was insufficient to ensure the return of inflation to the target in the medium term.
  • The Council members upheld the assessment that the decrease in inflation would be faster if supported by an appreciation of the zloty exchange rate.
  • When assessing the inflation outlook, the majority of the Council members were of the opinion that consumer price growth would keep declining markedly, continuing the initiated process of disinflation.

See full release here: https://nbp.pl/wp-content/uploads/2023/06/mi_v2023...