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NBP To Publish New Inflation Forecasts

POLAND
  • Justice Ministry is in charge of preparing the response to the EU on the bloc's call to suspend Poland's Disciplinary Chamber of the Supreme Court, Dziennik Gazeta Prawna reports (BBG).
  • At 9am (London time), the NBP will publish its inflation forecast, but it may be underestimated at its doesn't include latest price increases according to policymaker Gatnar.
  • CPI inflation may reach 9% in January 2022.
  • The NBP surprised the market again last week and decided to increase its benchmark rate by 75bps to 1.25% (vs. 25bps consensus).
  • Governor Glapinski mentioned during the press conference that a rate hike next month was more likely than not.
  • Last week's meeting showed that NBP doves are 'less powerful' than what market expected.
  • Friday morning, NBP policymaker Ancyparowicz mentioned in an interview that NBP must hike rates if CPI continues to surprise positively.
  • The NBP policy outlook will depend on the next CPI prints; November CPI coming out on November 30 will be key for next meeting in December.
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