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In Brief: NBP on inflation; Poor old Poland; Bleak outlook for
industry
Yesterday the National Bank revealed that the inflation rate this
year will "most likely" exceed the target set by Monetary Policy Council
(RPP).
Supply-side factors, including higher food prices after EU accession
and rising oil prices had the most immediate impact, said Krzysztof
Rybiński from National Bank of Poland in an interview for Parkiet. The
RPP has already raised rates by a total of 75 percentage points this
year. (Parkiet, p. 8) ... Poles are among the poorest EU citizens. Last
year Latvia and Lithuania used to have the lowest Gross Domestic Product
per citizen, but this year it has been forecast that Poland will close
2004 with the worst result. (Rzeczpospolita, p. B1) ... In the private
industrial sector a slight deterioration has been observed in July. Both
production and the demand have fallen, while supplies have piled up.
Employment in the sector has also fallen. Unfortunately, the prognosis
for the following months is rather pessimistic, and entrepreneurs do not
see much chance for improvement. (Rzeczpospolita, p. B2) J.J.
(Source: http://www.wbj.pl/?command=article&id=23526&)
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