Poland's central bank governor, Adam Glapinski, said on Wednesday that the inflation shock related to the Middle East conflict proved smaller than initially expected, and that the present level of interest rates remains appropriate.
Glapinski noted a reduced likelihood of a rate increase compared with the prior month and emphasized that forthcoming decisions on interest rates will depend on incoming data. He characterized inflation as being under control and described the zloty as stable. The governor also observed a softening in labor market tightness.
In outlining the bank's approach going forward, Glapinski said that the institution will monitor developments on a month-to-month basis. That cadence, he suggested, will guide how policymakers react to fresh information on price dynamics, currency stability, and employment conditions.
The remarks underscore a cautious stance: while the central bank judges current rates appropriate, it is keeping the option of adjustments open and contingent on evolving indicators. The governor's assessment linked directly to the specific shock from the Middle East conflict and its measured effect on inflationary pressure.
Taken together, the comments point to three clear lines of focus for the central bank - inflation trends, currency behavior, and labor market conditions - all tracked closely and reassessed regularly. Glapinski's statements convey that the central bank views current conditions as manageable but will remain attentive to any changes reflected in monthly data.
Contextual note: The central bank's posture as described by the governor reflects an emphasis on data-dependence and ongoing monitoring rather than a fixed path for policy.