Poland’s average annual consumer inflation (CPI) has a 50% chance of falling into the 11.1-12.7% range in 2023, the National Bank of Poland (NBP) has said after a meeting of the Monetary Policy Council (RPP).
The country has been battling high inflation for a number of months now. In February, the Polish inflation rate hit a 26-year high of 18.4%, but has since then decreased, falling to 11.5% in June.
“In accordance with the central bank’s latest inflation projection, which has been based on the assumption of unchanged interest rates and the CPI data of June 20, Poland’s average annual consumer inflation has a 50% chance of falling within the 11.1-12.7% range in 2023,” the central bank reported, adding that the March projection spoke about 11.1-13.5%.
In 2024, Poland’s average annual inflation is likely to be between 3.7% and 6.8%, and in 2025, between 2.1% and 5.1%, the NBP wrote.
There is a 50% chance Poland’s GDP growth will fall within the -0.2-1.3% range in 2023, the central bank reports. In March’s projection, Poland’s economic growth was seen between -0.1% and 1.8% in 2023.
In 2024, Poland’s economy is expected to expand by 1.4-3.3% and, in 2025, by 2.1-4.4%, the NBP said. (PAP/Business World Magazine)
