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NBP To Continue To Raise Interest Rates

  • NBP Governor Glapinski mentioned during the press conference that yesterday’s 50bps hike was ‘significant’ and the central bank still has room to raise rates if needed.
  • Glapinski commented on NBP tightening cycle saying that the NBP will continue to raise interest rates, but did not specify any timeframe nor magnitude of hikes.
  • Glapinski reiterated that inflation is mainly driven by commodity prices and should continue to remain elevated in 2022 before converging towards target in Q4 2023.
  • Polish inflation is likely to peak in December, with some sell-side firms estimating CPI to accelerate above 8% YoY.
  • With inflation peaking in December and uncertainty rising (due to new restrictions), it is likely that NBP will proceed with gradual 25bps hikes in the coming meetings.

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