Macroeconomic Forecast Poland

Consumer price inflation rang in at 4.3% year-on-year (y-o-y) in August, an increase from the 4.1% y-o-y pace registered in July. The result was mainly driven by an increase in fuel prices, up 13.5% y-o-y, with a domino effect on electricity and transport, up 7.8% and 7.9% respectively. We remain however sanguine on our end-2011 inflation forecast of 3.4% as we expect price increases to moderate in the following months amid a softening of eurozone growth and fiscal retrenchment likely to follow the October parliamentary

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