NBP official: Poland needs to approach Sept. PMI & CPI readings with caution

Poland’s weaker September PMI reading and apparent deflation deepening do not raise concern over the state of the economy, central bank management board member Katarzyna Zajdel-Kurowska told PAP on Tuesday.

“Both readings should be approached with some reservation,” Zajdel-Kurowska said of the September deflation estimate and the PMI sentiment readings.

Poland’s annual CPI likely reached -0.8% in September, deepening from -0.7% in August, the stats office GUS’s first ever flash CPI estimate showed. The PMI reading fell to 50.9 points from 51.1 in August, Markit data showed.

The CPI reading was surprising, but the final data may still diverge from the flash reading and even if the -0.8% is confirmed this still need not be disconcerting news,opined.

“The components will be important,” she elaborated. “On their basis we will be able to inquire into the reasons of the trend and consider how durable this trend may be.”

The weaker PMI reading also raises no concern as it may be just a one-off divergence, the official added.

nik/ krba/ ami

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