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The Warsaw Voice » Business » August 21, 2013
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Interest rate cuts possible despite CPI reading: Finance Minister
August 21, 2013   
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Poland still has room for more interest rate cuts despite the latest above-estimates consumer price index reading, Finance Minister Jacek Rostowski told PAP Tuesday.

" . . . all the arguments that pointed to the fact that Poland has the highest real interest rates in Europe are still true and still show that it would be good for the rates to be lower," Rostowski said.

Monetary policy makers can overlook a rise in the headline consumer price index in July by sticking to their stated policy of ignoring one-off factors, Rostowski argues.

"This one-off change should not affect monetary policy decisions," Rostowski said.

Poland's July consumer prices were up 1.1% year on year and up by 0.3% month on month versus consensus expectations for 0.5% year on year growth, according to central stats office GUS data out last week.

Housing-related costs provided the largest, 0.31 percentage points, boost to the consumer price index, as waste disposal prices skyrocketed by 47.6% due to the new law on waste management, GUS noted in a comment to the data.
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