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Inflation is currently expected to begin easing – albeit very slowly – from March on, although the average inflation in 2023 appears certain to remain in double digits.
Analysts expect the NBP will announce an official end to the tightening cycle at its March meeting.
The index eased growth for a fourth consecutive time in December, confirming expectations for inflation to decline.
The reading eased 0.9pp compared to November, the second consecutive y/y slowdown y/y of the index.
Central bank expected to keep rates on hold until it starts cutting in late 2023.
This is the first y/y easing of the index’s growth rate since June 2021 and points to inflation losing momentum, albeit still very incrementally.
The reading is the first y/y easing of the index since June 2021.
In m/m terms, core inflation grew 1% in October, easing versus a gain of 1.4% m/m in September.