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Wnorowski Sees Nov CPI Inflation At +7.9%-8.1% Y/Y, Another Round Of Data On Tap Today

POLAND
  • NBP's Henryk Wnorowski told TVP Bialystok that the July reading of headline inflation surprised him negatively, as CPI growth slowed only 0.7pp. The official added that inflation may reach single digits in August and cool to +7.9%-8.1% Y/Y in November. In his view, inflation is easing towards the central bank's target of +2.5% Y/Y +/- 1pp, but it will take some time to achieve the target.
  • Weaker-than-expected activity indicators stole the limelight in Poland yesterday, supporting NBP rate-cut expectations. The next round of data is due at 09:00BST/10:00CEST, when Poland will report July retail sales and construction output.
  • Puls Biznesu wrote that Polish manufacturing sector is experiencing the biggest deflation this century, which is a painful process for producers, but will help reduce overall price growth if it lasts for some time.

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