Inflation can be well below 10 percent

The Minister of Development and Technology gave an optimistic forecast for the level of inflation. “Inflation could be well below 10 percent, which would enable lower interest rates later this year,” said Waldemar Buda.

The head of the Ministry of Development noted that inflation in Poland is gradually declining, which made it possible to plan new economic moves.

Inflation has been declining for four months and this is a good moment to discuss interest rates and cut them later this year

– said Waldemar Buda during the press conference.

We will close inflation below 10% for the whole year, maybe “much lower” and maybe in the third and fourth quarters it will be possible to cut interest rates

– added the head of the Ministry of Agriculture and Tourism.

Inflation and housing policy

The Central Bureau of Statistics indicated that consumer price inflation reached 10.8%. on an annual basis in July 2023. According to the July inflation forecast from the National Bank of Poland, consumer inflation will reach 11.9%. In the current year, 5.2 percent, the next, and 3.6 percent. in 2025. CPI inflation is set to return to the range of deviations from the NBD inflation target, set at 2.5 percent. +/- 1 percentage point in the third quarter of 2025.

From October 2021, the Monetary Policy Board raised interest rates consecutively through September 2022 – from 0.1 percent. up to 6.75 percent. in the context of the reference rate). For the following months, the Monetary Policy Board kept the monetary policy indicators unchanged.

Waldemar Boda also referred to the “Safe 2% Credit” program. Announcing that it will be offered by 16-17 banks already at the end of this year.

At the moment, nine banks have confirmed their participation in the program, including: Alior Bank, Bank BPS, Banks Spółdzielcze Zrzeszenia BPS, Bank Pekao, Bank Spółdzielczy Rzemiosła in Krakow, Bank Spółdzielczy in Brodnica, Krakowski Bank Spzyódówelc SGB -Bank and Cooperative Banks Associated with SGB-Bank and Velo Bank.

Also read:

– “First Apartment” – 1,192 real estate contracts have already been signed. Minister Buda: We expect 51,000 by the end of the year. conclusions

– Pekao Bank economist: “I think 7 percent. Real at the end of the year. Less than 10 percent. Inflation will actually go down in August or September.”

The opposition now threatens cumulative inflation, but he is not talking about income growth. Real wage growth in Poland is much faster than in the European Union

pn/isbnews.pl

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