Answering a question whether inflation could drop to below 10 percent in August, Soboń said that "there is a 50-percent chance that it may also be one-digit.
Radek Pietruszka/PAP

Poland’s CPI inflation will surely go down to single digits in September, a deputy finance minister has said.

“If we are speaking about September’s data, I am 100-percent sure that inflation will drop to below 10 percent,” Artur Soboń told Radio Zet on Thursday.

Answering a question whether inflation could drop to below 10 percent in August, Soboń said that “there is a 50-percent chance that it may also be one-digit.

Asked whether this meant that interest rates could start going down in Poland, Soboń said that lower inflation would surely give space for such decisions.

The Central Statistical Office (GUS) reported in a flash estimate on Monday that prices of consumer goods and services (Consumer Price Index, CPI) increased by 10.8 percent year on year and fell by 0.2 percent month on month in July 2023.

In July, the Monetary Policy Council (RPP), the Polish central bank’s rate-setting body, left interest rates unchanged.

Following this decision, the reference interest rate remained unchanged at 6.75 percent, the lombard rate at 7.25 percent, the rediscount rate at 6.80 percent, and the discount rate at 6.85 percent. The RPP also left the deposit rate unchanged at 6.25 percent.