In a recent statement on TVN24, Przemysław Litwiniuk, a member of the Monetary Policy Council, announced that fuel prices in Poland are anticipated to surge by at least 10% in November and by another 9% in December following the elections. He further expressed that such an increase in fuel prices will inevitably lead to a spike in inflation rates.
Despite the ongoing fuel price reductions at certain stations, Litwiniuk believes that such drops are economically unjustified. He emphasized, “We anticipate post-election fuel price hikes, estimating a rise of at least 10% in November and an additional 9% in December. This will result in a 0.5% inflation rate increase in both months. However, these are just current estimates. The global situation today is such that oil prices can shift dramatically.”
In the same TVN24 interview, Litwiniuk also commented on the recent statements by the president of the National Bank of Poland (NBP). The president had dedicated a considerable amount of his press conference to criticizing the media and economists linked to the parliamentary opposition. Litwiniuk responded, “Especially in the last week before the parliamentary elections, the NBP president should exhibit the model of an external, separate, and independent institution and act accordingly.”
Furthermore, the NBP’s recent communication stirred controversy among economists and experts. They expressed their dismay at the politicized and propagandist approach of the NBP, particularly criticizing Adam Glapiński, the President of the National Bank of Poland. On October 5th, Glapiński accused economists and journalists of lacking objectivity, politicizing matters, and even harming Poland’s interests.
Such statements during the NBP’s conference were inconsistent with the solemnity and statutory apolitical nature of the institution. They drastically deviated from the communication standards upheld by central banks in democratic nations.
Reacting to Litwiniuk’s comments, the NBP released a statement on Twitter: “Regarding the scandalous, unexpected, and unauthorized statement by Mr. Przemysław Litwiniuk, the NBP declares that it is completely fabricated and false. NBP does not forecast fuel prices. Recent fluctuations have seen oil prices ranging between $82 and $95 per barrel within ten days. Moreover, the Polish złoty’s exchange rate remains unpredictable. Mr. Litwiniuk, against basic principles, has aggressively participated in the election campaign.”
