Inflation in Poland has been at record low levels for a long time. Also for 4 years, NBP interest rates (including the reference rate of 1.5%) have been at their historically low levels. Does this mean that low inflation and cheap money are given once and for all? Should the MPC consider, as a precautionary measure, a slight tightening of the monetary policy in the face of mounting inflationary pressure? … And what is the optimal level of inflation for the economy?
The second, much more difficult area of discussion is the question of measuring inflation itself. Is it really at the level reported by the Central Statistical Office? Consumer feelings are at a much higher level. So, are we dealing with a methodological imperfection or mistake that can and should be removed?