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Inflation to go down after summer holidays says central bank head

Poland's inflation, which reached 15.5 percent in July, will start going down after the summer holidays and will fall within the central bank's target range in 2024, said Adam Glapinski, governor of the National Bank of Poland (NBP).
Radek Pietruszka/PAP

Poland’s inflation, which reached 15.5 percent in July, will start going down after the summer holidays and will fall within the central bank’s target range in 2024, said Adam Glapinski, governor of the National Bank of Poland (NBP).

“Of course, we have very acute inflation,” Glapinski told the Sieci weekly on Monday. “It will start going down after the summer holidays, and we’ll come back to the inflation target in 2024.”

The central bank’s inflation target is 2.5 percent plus/minus one percentage point.

In 2023, inflation may fall to single-digit levels, the central bank governor said.

According to Glapinski, the Polish economy is unlikely to enter a recession. “The most pessimistic forecasts show that we may have a technical recession at most, where the economic growth rate is below zero for two (subsequent – PAP) quarters.”

Commenting on the weakness of Poland’s national currency, the zloty, Glapinski said that its positive aspect was that the currency was a “bumper” for various economic processes.

“If we didn’t have our own currency, growth of unemployment and a decline in economic activity would have to serve as the bumper,” Glapinski said.

As of Monday morning, the Polish zloty weakened to 4.74 from 4.57 per one euro and to 4.63 from 3.85 per one US dollar when compared to August 1, 2021.


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