Poland October inflation falls to 3.5% on CPN return, core also surprises

Polish CPI decelerated to 3.5% y/y in October, driven by the reinstatement of reduced VAT on food (CPN), with core inflation also surprising to the downside. This strengthens the case for the RPP to hold rates at its November 4 meeting, though the medium-term outlook remains uncertain due to energy price caps and wage growth.

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