Poland confirms April inflation at 3.2% as core prices accelerate
Poland's statistics office confirmed April consumer inflation at 3.2 percent year-on-year, while core inflation accelerated. The reading may push the central bank to delay any summer rate cut.
Poland's GUS statistics office confirmed annual consumer price inflation at 3.2 percent in April, in line with the flash estimate. The monthly print was 0.4 percent, while core inflation rose to a three-month high of 4.1 percent year-on-year.
Services prices continue to be the sticky component, with transport and housing costs leading the increases. Food inflation eased modestly, but the upward pressure in the core gauge complicates the National Bank of Poland's policy calculus over coming meetings.
NBP governor Adam Glapinski has previously said rate cuts will not be considered before inflation converges durably toward the target. The data dim hopes of a summer easing, with markets now pricing the first cut for the October council meeting instead of July.
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