Preview: Poland Jun Preliminary CPI data expected at 03:30 ET (07:30 GMT)

**Consensus expectations: - M/M: -0.3%e v -0.3% prior - Y/Y: 2.7%e v 3.1% prior **Note: Poland has 2.5% target (range 1.5-3.5%) - Reading would register CPI having its 12th straight months with annual pace being back within target range Recent comments: - On Jun 10th Poland Central Bank (NBP) Member Dabrowski noted that there was room for a rate cut if global tensions eased. - On Jun 9th Poland Central Bank (NBP) Member Maslowska noted that rate hike was still an option, but less likely; Rate cuts were more likely than hikes now - On Jun 3rd Poland Central Bank (NBP) Gov Glapinski post rate decision press conference noted that the likelihood of rate hikes had fallen; Inflation shock was weaker than in 2022 - On Jun 2nd Poland Central Bank (NBP) left the Base Rate unchanged at 3.75% (as expected) for its 3rd straight pause under the current phase of its easing cycle.

Statement noted that rates were kept on hold due to geopolitical risks and their impact on economy; Reiterated stance that might intervene in FX markets. - On Mar 4th Poland Central bank (NBP) updated its Staff Projections cut 2026 CPI forecast from 1.9-4.0% range to 1.6-2.9% and cut 2027 CPI forecast from 1.1-4.1% range to 1.1-3.7% **Insight: Poland Central Bank has cut the Base Rate 9 times in the current easing cycle by a total of 250bps.

The last cut was in Mar 2026