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NBP Reports November Core CPI, Former Ruling Party Petitions Constitutional Court

POLAND
  • Core inflation may have decelerated to +7.3% Y/Y in November from +8.0% prior, according to Bloomberg's poll of analysts. In addition, prices ex-food and energy may have edged 0.1% lower on a M/M basis after a 0.6% uptick in October. Official data will be released by the NBP at 13:00GMT/14:00CET. The report rarely moves the market, with most sell-side desks basing their forecasts off of final CPI data released a few days earlier, albeit this time around the forecast range for the Y/Y reading in Bloomberg's survey of economists is fairly wide (+6.9% to +7.6%).
  • The Law and Justice (PiS) party filed three petitions to the Constitutional Tribunal, reportedly to counter the new coalition's plans to unwind earlier reforms and hold several officials to account. Gazeta Wyborcza notes that the petitions aim to make it illegal to prosecute NBP Governor Adam Glapinski, prevent changes in public media, and shield former Prime Minister Mateusz Morawiecki from legal consequences for ordering an eventually abandoned postal presidential election in 2020. Against this backdrop, DGP reported that the new parliamentary majority is looking to pass resolutions annulling three allegedly illegal nominations to the Constitutional Tribunal made by the previous administration.
  • Sejm Speaker Szymon Holownia reaffirmed his presidential ambitions, while stressing that "there is no such imperative, that if it's not me, the world will be over". The debate within the multi-party pro-EU coalition on whether to field a joint candidate in the 2025 presidential election may not begin in earnest until the end of next year, but will be worth monitoring as a potential source of tensions, with the Civic Platform likely to seek to promote its own candidate.
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