April’s Polish CPI data, which showed that consumer prices fell by 1.1% y/y compared with a drop of 1.5% y/y in March, should ease lingering concerns that deflation might become entrenched. But today’s data are unlikely to have much impact on monetary policy. The MPC seems to have ruled out additional rate cuts and, equally, with inflation likely to stay subdued, policymakers will come under little pressure to raise interest rates any time soon either.
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