Core inflation excluding food and energy prices was 7.3%. in November 2023, the National Bank of Poland announced.
The market consensus was 7.3%. y/y. The NBP also reported that core inflation excluding administered prices stood at 5.2 percent on an annual basis in November this year compared to 5.1 percent in October.
Core inflation excluding the most volatile prices was 9.2%. in November compared to 9.9 percent in October.
Core inflation, calculated using the 15% trimmed average method, was 7.6%. in November compared to 8.3 percent in October.
The consumer price and services index (CPI inflation) was 6.6%. y/y in November 2023, compared to 6.6 percent y/y in October.
NBP predictions
The National Bank of Poland has published the November inflation projection, covering the period from the fourth quarter of 2023 to the fourth quarter of 2025. The starting point of the projection is the third quarter of this year. It was prepared based on unchanged NBP interest rates, including the reference rate of 5.75%, taking into account data available until October 23, 2023.
Consumer inflation will – according to the central projection path – amount to 11.4%. in 2023, 4.6 percent in 2024 and 3.7 percent in 2025 (compared to 11.9%, 5.2% and 3.6% for these years, respectively, in the July projection).
“Future economic activity and the path of CPI inflation in Poland largely depend on the extent of the disruptions in the functioning of the world economy caused by Russian aggression against Ukraine and the conflict in the Middle East,” we read in the NBP report.
OECD: Poland leads in GDP growth
Poland recorded the strongest GDP growth of all OECD countries in the third quarter of this year.
According to preliminary estimates, OECD gross domestic product (GDP) grew by 0.5% in the third quarter of 2023, the same pace as in the previous quarter of this year.
In the G7 countries, GDP growth in the third quarter was 0.6%, which means an improvement in the situation; in the second quarter this was 0.4%. This was due to the significant acceleration of GDP growth in the United States (1.2% in the third quarter compared to 0.5% in the second quarter). The remaining G7 countries recorded zero, near-zero or negative growth in the third quarter: there was zero growth in Canada, Italy and the United Kingdom; amounted to 0.1 percent in France and negative in Japan and Germany (-0.5% and -0.1% respectively).
Of the other OECD countries, Poland and Costa Rica recorded the strongest GDP growth in the third quarter (1.4% and 1.3% respectively), followed by Hungary and Mexico (0.9% each). In turn, GDP fell most in Ireland (-1.8%), followed by Finland (-0.9%).
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
