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Poland Blocks Ukrainian Grain Imports, March Core CPI Up Today

POLAND
  • Poland and Hungary said on Saturday that they have shut their borders to selected agricultural imports from Ukraine. Several Eastern European countries had initially allowed for the transit of Ukrainian grain through their territories, but much of the produce ended up piling up in these countries, which in Poland weighed on local prices and sparked protests of farmers in the election year. Ministerial-level talks with Ukraine on an updated transit agreement will resume today.
  • Meanwhile, the European Commission slammed Poland and Hungary for taking unilateral action on grain imports, noting that it breaches the bloc's law. Rzeczpospolita reports that EU officials have been in touch with Warsaw after learning about the decision from the media. Poland's Agriculture Minister Robert Telus said that he hopes that his "drastic decision" to block Ukrainian grain imports will "wake the European Union and the European Commission up."
  • The NBP will publish core CPI data for March at 13:00BST/14:00CEST. The growth rate of prices ex. food & energy may have accelerated to +12.2% Y/Y, according to a median estimate in a Bloomberg poll. Headline inflation was revised to +16.1% Y/Y from a flash reading of 16.2%.
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