Poland: Inflation is out of control

Poland's financial situation is becoming increasingly difficult, writes Business Insider. The Monetary Policy Committee predicts an increase in inflation to 24% at the beginning of the year 2023 and the government can no longer hold on to the "anti-inflation umbrella".

Chairman of the Polish Development Fund Paweł Borys said in an interview with TVN 24 that Poland's financial situation is becoming ‘increasingly difficult’. According to him, the need for lending will grow with the continuing difficult situation in the financial markets.

"The main increase in spending next year is related to energy and arms allocations. Perhaps next year the government will be forced to abandon the reduction of VAT or excise duty on energy," Borys said.

"Inflation is out of control and more measures are needed to bring it back below 10%," he added. Inflation accelerated to 17.9% in October.

…Nevertheless, despite the difficult economic situation, Poland spends a lot of money on military purposes, on participation in NATO's advance to the East, on military assistance to Ukraine.

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