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Polish c.banker Litwiniuk says inflation may keep rising in 2023
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WARSAW (Reuters) -Inflation in Poland may keep rising in 2023, central banker Przemyslaw Litwiniuk said on Friday, warning that a government coal subsidy for households would add to prices pressures.
WARSAW (Reuters) -Inflation in Poland may keep rising in 2023, central banker Przemyslaw Litwiniuk said on Friday, warning that a government coal subsidy for households would add to prices pressures.
According to forecasts from the Polish central bank, inflation will peak at 18.8% in the first quarter of 2023. It was 15.5% in June, according to statistics office data, the highest in 25 years.
“If the government fails to build an adequate supply in terms of energy and its price, unfortunately inflation may rise in 2023,” Litwiniuk told private broadcaster TVN24.
The government plans to give households a one-off payment of 3,000 zlotys ($640) to help cover the rising cost of coal. It estimates the programme will cost 11.5 billion zlotys.
($1 = 4.6735 zlotys)
(Reporting by Alan Charlish and Anna Koper; Editing by Himani Sarkar and John Stonestreet)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured as an annual percentage increase.
A central bank is a financial institution that manages a country's currency, money supply, and interest rates. It also oversees the banking system and implements monetary policy.
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