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CPI unexpectedly drops to 0.6% in November

16th December 2013
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CPI inflation fell to 0.6 percent year-on-year in November compared to 0.8 percent in October, statistics office GUS said on Friday. In month-on-month terms, prices declined by 0.2 percent.

Analysts surveyed by the Polish Press Agency had expected CPI inflation to come in at 0.9 percent y/y and at 0.1 percent m/m.

In an e-mailed comment, BZ WBK economists wrote that the low annualized figure was the result of lower-than-usual seasonal growth in food prices and declines in the telecommunications sector fueled by mobile phone market promotions.

“We still expect a gradual rebound of inflation in the coming months,” the economists wrote. Though lower inflation could make the Monetary Policy Council postpone rate hikes, the analysts expect an increase of interest rates in September next year.

Poland A.M.

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