– There will also be no need to react violently on the part of the central bank – the scale of interest rate increases may be smaller than it would have to be if inflation continued to rise – emphasized Bujak.
When asked about savings in Poles’ wallets, Bujak recalled that the government’s move was about PLN 10 billion. – But if we add that the MPC will not have to raise interest rates so much, the increase in loan costs will be smaller – he reminded.
Bujak also pointed out that the government’s actions will translate into lower budget revenues. – The budget is in a very good position. The deficit of the entire public finance sector will be clearly lower than 3%. GDP. Next year, this deficit may be even smaller. This is not a budget threat. This does not mean that taxes will have to be increased in the future. We should also remember that higher inflation means a higher level of revenues – it can be said that the budget shares what it has gained from higher prices – explained the chief economist of PKO Bank Polski.
Yesterday finance minister Tadeusz Kościński explained that additional budget revenues as a result of increased inflation (due to VAT, excise duty and income taxes) amounted to approx. PLN 9 billion.
– The peak of inflation was supposed to be in January-February. But the government removed prices for this period with its intervention, which is why this peak of inflation – says Bujak – has flattened out. – Inflation should drop from March and at the end of the year prices will grow significantly slower than at present – added Bujak.