Poland’s economy appeared to lose steam in August amid signs that global chip shortages started to weigh on industrial output and retail sales failed to reverse a dip in July. We still think that GDP will rise by a robust 1.5% q/q over Q3 as a whole but the early signs are that, even with inflation hitting a two-decade high in August, it’s going to take a little longer for a majority on the MPC to favour rate hikes.
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