Research Briefing | Jun 9, 2022

NBP hikes again as inflation in Poland keeps rising

The National Bank of Poland (NBP) hiked the policy rate by 75bps at yesterday’s meeting, in line with both our and the consensus view. This brought the main interest rate to 6%. The move took place against the backdrop of ever-higher inflation, which picked up to 13.9% in May.

What you will learn:

  • Notably, both external and domestic factors have played a role in the ongoing surge in inflation.
  • This means that even if the shocks boosting food and energy prices dissipate, strong underlying price pressures will prevent a quick return of the headline inflation to the NBP’s target range.
  • As demand remains robust, supported not least by loose fiscal policy and strong nominal wage growth, we expect monetary policy tightening to continue, with the terminal rate now seen at 7.5%, up from 6.5% previously.

Back to Resource Hub

Related Services

European cities - Rome


European Macro Service

A complete service to help executives track, analyse and react to macro events and future trends for the European region.

Find Out More


Global Industry Service

Gain insights into the impact of economic developments on industrial sectors.

Find Out More


Global Macro Service

Monitor macro events and their potential impact.

Find Out More