Inflation in November was 6.6%. – reported the Central Statistical Office (GUS), publishing the final data in this regard for the previous month. The initial forecast was slightly lower.
The Central Statistical Office (GUS) released the final inflation data for November on Friday. The price index of consumer goods and services amounted to 6.6 percent, which is the same as a month earlier.
Inflation in November. Data slightly higher than expected
Let us recall that the preliminary Central Statistical Office data on November inflation presented two weeks ago indicated that it amounted to 6.5%.
Economists expected that this would also be the final result for the previous month. – We assume that the Central Statistical Office will report that inflation has dropped to 6.5%, so it will be the same as in the preliminary estimate – PKO BP economist Kamil Pastor forecasted before the data were published.
Glapiński: Inflation will gradually decline
The President of the National Bank of Poland (NBP), Adam Glapiński, emphasized a week ago that the central bank’s forecasts show that “inflation in Poland will gradually decline in the following quarters.” However, the head of the NBP noted that the decline in inflation will be slower than before, when it fell since February this year from 18.4% to 6.5% in November, but – as Glapiński emphasized – this decline will continue.
– What are our arguments for a decline in inflation? Despite signals of recovery, the dynamics of economic activity is low and GDP growth is gentle, to put it in economists’ terms – the output gap is negative. Moreover, the previous strong tightening of monetary policy, primarily, but not only, by raising rates, contributed to the cooling of lending. Even if there are signs of recovery, lending is still muted – said the president of the National Bank of Poland. – These elements intensively dampen inflation – added.
Glapiński noted that the NBP expects that inflation will continue to move towards the inflation target and that the NBP inflation target (2.5%, +/- 1 percentage point) will be reached within two years.