We can forget about deflation

In accordance with the final GUS data, CPI inflation rose to 0.8% YoY in December vs. 0.0% in November, running in line with the flash GUS estimate and above our forecast equal to the market consensus (0.5%). The increase in ... More

MPC to accept negative real interest rates

As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). The bias of the Council's statement has not substantially changed compared ... More

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