The
The February fall in
Feeble as it was, the easing will be short-lived, as Russia’s attack on
There are premises for demand to remain robust, however. Even the influx of 2mn refugees from
The war will also “increase the inflationary pressure at the producer level, which will be visible not only in the high prices of energy resources but also in the high prices of some industrial metals,”
The
“The NBP is determined to bring inflation down to the target in the medium term and to anchor inflation expectations. [It] must continue the monetary tightening cycle [and] in our opinion, the target interest rate will rise to 5% against 3.5% currently,”
Prices in the most-weighted manufacturing segment grew 14.2% y/y in February, after expanding 13.8% y/y the preceding month, the breakdown of the data showed.
Mining and quarrying prices grew 22.3% y/y in February (January was +24.6% y/y following revision).
Electricity, gas, and utility prices expanded 26.6% on the year in February after a revised expansion of 29.9pp in the preceding month. The water supply segment saw prices add 0.2pp to the revised January figure to come in at 4.4% y/y.
In monthly terms, the
The index grew 0.7% m/m in mining and quarrying and 1.1% m/m in manufacturing. The
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