Poland. NBP's Raczko: Inflation is fueled by external factors, i.e. fuel prices, FX
2012-05-29 17:41:16
Poland's inflation is caused by external factors, according to the National Bank of Poland's (NBP) management board member Andrzej Raczko.
They include primarily high fuel prices and the zloty's depreciation, he explained.
According to Raczko, the transmission mechanism of monetary policy has been weakened after the global crisis broke out. He deems that monetary authorities should take on more responsibility for the stability of the financial system.
In April, consumer inflation accelerated to 4.0% y/y, while NBP's inflation target is 2.5% +/- 1pp.