Adam Glapinski also said that when selecting the new NBP president there was tremendous pressure from one of our neighbors to bring Poland into the eurozone. Save my name, email, and website in this browser for the next time I comment. The central track of the July projection of the Polish National Bank assumes that CPI inflation in Poland in 2022 will reach 14.2 percent, in 2023 it will be at the level of 12.3 percent, and in 2024 it will reach 4.1 percent. Furthermore, we expect that this year's peak in inflation is still ahead of us. All quotes delayed a minimum of 15 minutes. He is also vice-chairman of the economic commission at the Belgian Employers Federation. EUR. He is also the German lead for the ING International survey. Inflation got here in at 15.6% in July, up from 15.5% in June. Data published Monthly by Central Statistical Office. Certification Revenue Estimate. The next inflation update is scheduled for release on Oct. 13 at 8:30 a.m. ING Bank N.V. is incorporated in the Netherlands (Trade Register no. KUCNews July 27, 2022 The latest forecasts of the National Bank of Poland (NBP) sound gloomy: in the first quarter of next year, the gross domestic product (GDP) should decrease to just under 0.5 percent. July 2022 On 1 July, the city . For almost 20 years, he has been working at the Ministry of finance, where his last position was Director of the Public Debt Department. European Union annual inflation was 9.8% in July 2022, up from 9.6% in June. June Monthly: 1.3%. Inflation in 2022 and 2023 is now forecast at 14.2% and 12.3% respectively, compared to the 10.8% and 9.0% forecast in March. For 2021, taxpayers will pay 6.2% Social Security tax and a 1.45% tax for Medicare (known together as FICA) on the first $142,800 they own, up. This increase in Y-o-Y inflation was driven by the monthly increases of both Food and Non-Food categories. His brief spans both developed and emerging markets and he specialises in global rates and macro relative value. What are the inflation numbers in Poland? A graph and a table with additional information about the development of inflation during 2022 can be found below. The industry leader for online information for tax, accounting and finance professionals. Goods prices rose by 16.9% YoY, while services prices increased by 11.7% YoY, up from 16.8% YoY and 11.5% YoY, respectively, a month earlier. In this article, we will look at global inflation rates by country and inflation around the world. The June result marked the weakest reading since February. ArticleToday's focus will be the October US CPI release which will have implications, ArticleWe expect 2023 to see a small increase in corporate supply . He started his career with ING in 1995 in India, moved to Hong Kong in 1998 and is now in Singapore where he has been since 2004. Last month's final reading put the one-year expectation at 5.0% (4.7% in September) and a 5.4% peak in March and April. He also referred to accusations that he delayed a long time in responding to rising prices. REUTERS/Kacper Pempel Aug 16 (Reuters) - The following is a table of Polish annual net inflation indices for July, published by the central bank on Tuesday. Jump to: Countries with the Highest Inflation Rates Countries with Hyperinflation Russian Inflation He later admitted that it was about Germany. However, prices have increased 13.2 percent from January 2021 to August 2022, costing the average American household $715 last month alone. More earnings subject to Social Security taxation. The latest forecast by the National Bank of Poland (NBP) puts consumer inflation at 14.3 percent in Poland in 2022, in 2023 it will be at 12.3 percent, and in 2024 it will be 4.1 percent. Statistics Poland. The overall year on year inflation rate as measured by the Consumer Price Index (CPI) was 8.3 per cent, in July 2022. Archive Consumer price indices in September 2022 7 Table: Price indices of consumer goods and services: 14.10.2022 8 Statistics in focus: Price indices of residential premises in the second quarter of 2022 . Core inflation refers to prices that are influenced by the central bank (as opposed to, for example, commodity prices, which depend on the situation on global markets). Francesco is an FX Strategist and has been with the firm since May 2019. CPI. The main reason for this is the . Dawid Pachucki is a senior economist at ING in Poland, who joined the teamin 2020. I want to use limited functionalities on this website and agree to the use of strictly necessary cookies only. Leave a comment to automatically be entered into. Wenyu Yao is a senior commodity strategist covering industrial metals and energy markets. High electricity and fuel costs are driving up the cost of storing and transporting goods (logistics), prompting retail chains to raise prices. 31, Jan 2022 Insight Data Science and Financial Modelling Shalmalee Kapse . Hismain focus is investment grade credit strategy with a particular focus on relative value. Inflation in August 2022 was 16.1 percent year-on-year, according to preliminary data from the Central Statistical Office (GUS). Thus, consumer inflation set a new record this year. Her coverage spans from Beneluxto large European banks. The upward pressure on meat prices has eased somewhat in recent months. James Knightley is the Chief International Economist in London. Jeroen is Global Head of Sector Research, based in Amsterdam. Food price increases were slightly lower (0.5% MoM) than those seen in June. Inflation in Poland to remain elevated Anti-inflation measures should temper a peak in CPI in 2022, but rising costs, strong consumer demand and a tight labour market mean elevated inflation will persist Annual inflation increased because of the sharp rise in food and non-alcoholic drinks prices Author Rafal Benecki The NBPs July forecast calls for Polands GDP growth in 2022 at 4.7 percent, in 2023 at 1.4 percent, and in 2024 at 2.2 percent. The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. The pass-through of non-labour cost pressures (such as higher materials and transport costs) to consumer prices, enabled by strong demand conditions, continued to drive strong goods price inflation in the June quarter of 2022. Timme is an economist covering International Trade. There are also seasonal reductions in the prices of fruit and vegetables. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reporting by Pawel Florkiewicz and Alan Charlish; Editing by Simon Cameron-Moore, EXCLUSIVE Behind FTX's fall, battling billionaires and a failed bid to save crypto, Shares jump, dollar falls after cooler-than-expected U.S. inflation, U.S. consumer prices rise less than expected; weekly jobless claims up, FTX's Bankman-Fried in talks for funds after Binance deal collapse-memo, Biogen hires former Sanofi head Viehbacher as CEO. Polish farmers also protested on July 13 due to the allowed costs of importing fertilizers and cheap food, thereby increasing the cost of local production. For the previous 13 years, he was Chief International Economist in London and has also worked for Commonwealth Bank of Australia, Schroder Investment Management, and the UK Government Economic Service in a career spanning more than 25years. Charlotte de Montpellier is an Economist in ING Belgium covering Switzerland. +0.23 +2.49%. was 15.6 percent. We expect inflation to accelerate again in October from 0.8% to 1.3% month-on-month, which translates into an acceleration in the annual rate from 18.0% to 18.2% year-on-year. Cookies are small, simple text files stored in your computer, tablet or mobile phone when you visit a website or use an app. Robert Carnell is Regional Head of Research, Asia-Pacific, based in Singapore. He joined the firm in 2004 and previously used to work for the real estate team. The Monetary Policy Council (MPC) will be forced to hike rates further. To calculate cumulative rates between two different periods, you can use the Poland Inflation Calculator. See the highlights below: Prices were relatively unchanged from July 2022 to August 2022. The second surprise was lower wages. Benjamin Schroeder is a senior rates strategist at ING in Amsterdam. She joined ING's Credit Research team in 2014 after working for several Dutch and British asset managers. According to the NBPs forecasts, next year consumer inflation will begin to fall, but price growth in Poland will remain at double-digit annual levels. Nigeria's inflation rate for June 2022, is the highest in the last 5 years as data from the NBS reveals a rate as high as this only as far back as January 2017 (18. Previously, he was with Allianz Global Investors, Credit Suisse and BNP Paribas. The NBPs projection assumes that the anti-inflationary shield (cuts in taxes and excise taxes on fuel and energy) will be in effect until October 2022, which will lower consumer inflation by 3.2 percent relative to the scenario without the shield. In order to be able to show this data, we make use of a large number of sources of information that we believe to be reliable. The July consequence was the weakest value rise since February. Poland has de facto stopped importing natural gas from Russia since April 27 this year, after Gazprom unilaterally broke the Yamal Contract, which was due to expire at the end of 2022. reads the report.[ii]. The National Bank President: inflation will return to standard levels in 2024, The Monetary Policy Council will raise interest rates if inflation rises; however, I hope it will not have to do so; Poland may experience a technical recession, National Bank of Poland (NBP) Governor Adam Glapinski said at a press conference in mid-July. The July inflation estimate has been revised to 15.6% year-on-year, from the 15.5% YoY reported previously. Our analysis and forecasts will help you respond and stay a step ahead in the world of macroeconomics, central banks, FX, commodities and everything else in between. The global inflation rate surged from 4.35% in 2021, and 3.18% in 2020. She began her career in adual role at Antaike and the Chinese Nonferrous Metals Industry Association in Beijing and holds an MSc in Finance. Echo Richards July 7, 2022 2 min read There is a 50% chance that inflation in 2022 will be in the range of 13.2-15.4%, according to a July forecast from the Economic Analysis Department of the Polish National Bank. To be updated with all the latest news, offers and special announcements. Fuel prices fell by 2.6% month-on-month in July, while prices of energy carriers increased by 1.6% MoM, mainly driven by a further increase in the priceof heating fuels (5.0% MoM). Iris was previously employed by Natixisand OCBC Wing Hang Bank. When you select a country and a type of inflation in the selection box, the page will automatically change and show the development of the inflation figure which you have selected in 2022. Forecasting the end of interest rate hikes, Glapinski said that we are nearing the end of the monetary tightening cycle, although we havent necessarily reached it yet. I would like that not to be the case, of course. Valentin is an economist at ING in Bucharest, covering Romania, Bulgaria, Serbia and Croatia. [i] Despite better-than-expected economic data earlier this year, the NBP report published in mid-July downgraded forecasts for Poland's economic growth . In March, the central bank forecast growth of 4.4% in 2022 and 3.0% in 2023. Consumer price inflation has risen sharply in recent months, with the 12-month growth rate reaching 7.9% for the Consumer Prices Index including owner occupiers' housing costs (CPIH) in May 2022 , and 9.1% for the Consumer Prices Index (CPI) in the same month. Peter Virovacz is a Senior Economist in Hungary, joining ING in 2016. July 2022 Inflation . The scale of the price increase in July does not give room for complacency for the MPC. He joined the firm in 2004 and holds a masters degree in economics from the Vrije Universiteit Amsterdam. For many years he was an anchor for some of the worlds most respected broadcasters, notably BBC World News, CNN and Bloomberg TV. . He joined ING in 2016 after finishing his studies at the University of Groningen and Robert Gordon University. She joined the company in 2014 after graduating in Economics from the University of Mnster, with studies abroad in Japan and Italy. Years of experience lead to informed, authentic and accurate opinions on multiple topics and you are now able to understand just what ING thinks about economic trends and developments. Yet the inflation peak is still ahead of us and we expect it in the autumn as the heating season begins and drives up prices. Office Hours: 8:15 - 16:15. In May, the NBP points out, stagnation was evident in terms of employment dynamics. WARSAW, Dec 30 (Reuters) - Average inflation in Poland in 2022 will be higher than in 2021, the central bank governor was quoted as saying on Thursday, attributing the increase mainly to soaring . Higher energy prices due to ban on coal imports from Russia, The direction of higher energy prices is influenced by the April 13 law banning coal imports to Poland from Russia and Belarus, as well as the May 13 resolution adopted by the Polish government to terminate the agreement on Russian gas supplies from Russia. Previously, he has worked at ABN Amro, the Dutch Ministry of Finance and the European Commission. Article 2. How did you like this article? Hestarted his career at the Dutch central bank and has been with ING since 2010. As he stressed, more than 90 percent expect a crisis. I agree with the use of all cookies. Learn more about how we use cookies in our cookie statement. It will offer the rate of inflation over the 12 months ended September 2022. Franziska is an Economist in Frankfurt. The World Inflation Rate The average inflation rate around the world is 7.4%. In fact, before she started Sylvia's Soul Plates in April, Walters was best known for fronting the local blues band Sylvia Walters and Groove City. Previously, he workedat the Catholic University of Louvain. The situation is serious: we have a war across our border, we have an unspoken war through energy commodity prices by Russia, Glapinski said. Prior to joining ING in 2005, he was a senior partner and head of FX research at IDEAglobal, a research consultancy specialising in independent financial market research for the investment banking, hedge fund and central bank community. He has has been working with ING in various research functions for more than20 years. Carsten has studied at theFree University of Berlin, Northeastern University in Boston and Harvard University in Cambridge, USA. The maximum level was 46.5 % and minimum was -1.6 %. Inflation measures the general evolution of prices. Between 1986 and 1992, he was a policy advisor to the Dutch minister of Finance. Among the underlying categories, the significant price increase in the 'recreation and culture' category is noteworthy, boosted by increases in package holidays (especially abroad) and increases in radio and TV charges. ET. Telephone Exchange: +48 22 608 30 00 . We forecast a 10%, ReportMarket rates should remain under upward pressure going into 2023. If inflation persistently continues to rise, we will raise rates. As part of the wider team in London, he also spends time looking at the US economy, the Fed, Brexitand Trump's policies. Maurice van Sante is a Senior Economist covering the construction and real estate sectors. 2022 Europe inflation protests; Regional effects of the 2021-2022 global energy crisis; June Yearly: 9.1%. THINK is made up of a winning combination of over 40 economists around the world and an editorial team bringing a 'newsroom' approach to empower people to stay a step ahead in life and business. Iris Pang is the economist for Greater China, joining ING Wholesale banking in 2017. Joanna Konings is a senior economist working on international trade issues and joined ING in 2017 from the Bank of England. 3.5 percent of its level.[iii]. Poland is not catching up on Germany rapidly. Piotr previously worked as an economist and strategist in some of the key European banking groups such as BNP and Rabobank. Before joining ING,he worked in the public sector as an external trade specialist. The July inflation estimate has been revised to 15.6% year-on-year, from the 15.5% YoY reported previously. Inga Fechner is an economist at ING in Germany, covering international economic developments with a specific focus on Austria. He joined the firm in 1997 after workingat Banca Akros,Banca Euromobiliare, ENI, and Prometeia. In the context of still high inflation risks, declarations by some policymakers that the end of the interest rate hiking cycleis near, and that rate cuts may come in 2023, are in our view premature and may result in zloty depreciation. 18 July 2022 Watch: Is globalisation dead?
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