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    NBP Governor: “No Talk of Particularly High Inflation in Poland”

    In a recent press conference, Adam Glapiński, the President of the National Bank of Poland (NBP), addressed concerns regarding inflation in the country, stating that there is no indication of exceptionally high inflation levels.

    Glapiński emphasized that inflation may increase in the coming quarters, albeit with considerable uncertainty surrounding the scale of this increase.

    “We have done our part, now we wait to see what happens… Since the beginning of April, the 5 percent VAT rate on food has been reinstated,” Glapiński stated, acknowledging that this could lead to higher prices, although he noted that competition in the market is mitigating its impact. He pointed out the rivalry between two major retail chains but stressed that this is not the sole factor. “The demand for food is not high; it has not revived,” Glapiński assessed.

    He underscored that the current inflation in Poland is “absolutely typical” for the Central and Eastern European region. “It is typical for our wealth, for our economic structure. There is no talk of particularly high inflation in Poland,” he remarked.

    Glapiński’s remarks come amid growing concerns about inflation globally, fueled by various factors including supply chain disruptions, rising energy prices, and increased consumer demand.

    While acknowledging the potential for inflationary pressures, Glapiński’s assurance of Poland’s inflation being in line with regional norms may provide some relief to policymakers and investors. However, the uncertainty surrounding future inflation trends underscores the need for vigilance and adaptive monetary policies.

    The reinstatement of the 5 percent VAT rate on food items, as mentioned by Glapiński, highlights the delicate balance between fiscal measures and their impact on prices, especially in essential sectors like food.

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