March\u2019s final consumer inflation reading came in at 3.0% year-on-year, in line with earlier estimates. On a monthly basis, prices rose by 1.1%, slightly above forecasts of 1.0%. The main factor pushing inflation higher was a sharp increase in transport prices, which rose by 8.2% month-on-month. This was directly linked to tensions in the Middle East and the resulting spike in energy commodity prices, including oil and gas.<\/p>\n
Despite this temporary increase, inflation remains within the National Bank of Poland\u2019s acceptable deviation band around its target of 2.5%, with a tolerance range of plus or minus 1 percentage point. This limits the pressure for an immediate monetary policy response.<\/p>\n
Statements by NBP Governor Adam Glapi\u0144ski and members of the Monetary Policy Council suggest that the central bank will continue to follow a \u201cwait and see\u201d approach. Under current conditions of heightened uncertainty and an external supply shock, the key issue is to assess the scale and durability of the conflict, as well as its impact on the broader economy. In practice, this means that interest rate decisions in the near term will depend heavily both on incoming macroeconomic data and on whether inflationary pressure begins to spread more broadly.<\/p>\n
Disclaimer:<\/strong> The information contained in this publication is provided for informational purposes only. It does not constitute financial advice or any other form of advice, is general in nature, and is not addressed to any specific recipient. Before using this information for any purpose, independent advice should be obtained.<\/p>\n","protected":false},"excerpt":{"rendered":" March\u2019s final consumer inflation reading came in at 3.0% year-on-year, in line with earlier estimates. On a monthly basis, prices rose by 1.1%, slightly above forecasts of 1.0%. The main factor pushing inflation higher was a sharp increase in transport prices, which rose by 8.2% month-on-month. This was directly linked to tensions in the Middle […]<\/p>\n","protected":false},"author":1,"featured_media":4502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[15],"tags":[3404,3263,2692,2726],"class_list":["post-4946","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-adam-glapinski","tag-nbp","tag-sharp","tag-target"],"jetpack_publicize_connections":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/4946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=4946"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/4946\/revisions"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=4946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=4946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=4946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}