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POLAND: NBP DepGov Expects Inflation To Reach Target Range In Late '25/Early '26

POLAND
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  • NBP Deputy Governor Marta Kightley told Business Insider that monetary policy needs to remain restrictive to bring inflation to the target. She noted that inflation should peak in 1Q2025, start falling towards the target only in 2H2025, and reach it at the turn of 2025 and 2026. According to Kightley, by the end of next year, inflation "should be below the upper end of the tolerance band, that is +3.5%, but much depends on decisions on administered energy prices in 2025." She reminded that MPC members may start discussing interest-rate cuts in March, adding that the Council's decisions will be data-dependent.
  • Data released by the NBP showed that core inflation accelerated to +4.3% Y/Y in September from +3.7% prior. Local analysts had earlier been flagging the impact of base effects related to the implementation of a free medicines programme targeting selected age groups last year.
  • Prime Minister Donald Tusk and Defence Minister Wladyslaw Kosiniak-Kamysz travel to Brussels to participate in the summits of the European Council and NATO, respectively.
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  • NBP Deputy Governor Marta Kightley told Business Insider that monetary policy needs to remain restrictive to bring inflation to the target. She noted that inflation should peak in 1Q2025, start falling towards the target only in 2H2025, and reach it at the turn of 2025 and 2026. According to Kightley, by the end of next year, inflation "should be below the upper end of the tolerance band, that is +3.5%, but much depends on decisions on administered energy prices in 2025." She reminded that MPC members may start discussing interest-rate cuts in March, adding that the Council's decisions will be data-dependent.
  • Data released by the NBP showed that core inflation accelerated to +4.3% Y/Y in September from +3.7% prior. Local analysts had earlier been flagging the impact of base effects related to the implementation of a free medicines programme targeting selected age groups last year.
  • Prime Minister Donald Tusk and Defence Minister Wladyslaw Kosiniak-Kamysz travel to Brussels to participate in the summits of the European Council and NATO, respectively.