– In the short term, inflation will be limited by the reduction of some taxes as part of the government’s anti-inflationary shield. According to NBP estimates, the adopted and announced programs under the anti-inflationary shield will contribute to temporarily lowering CPI inflation by even 3.4 percentage points. percent In annual terms, CPI inflation in 2022 should be lower by approximately 1.2 percentage points. percent due to the impact of anti-inflationary shields – said Marta Kightley, deputy president of the NBP during the meeting of parliamentary committees.
– In turn, in the medium term the consumer price growth will be lowered by the monetary policy tightening implemented by the NBP – she added.
– According to our research, inflation expectations are mainly adaptive, i.e. when inflation is high in the past, households also expect high inflation in the future and we also clearly see this in the December data, because in December we already had petrol price cuts and you can see that even this 30 cents cut made these inflation expectations a bit better – pointed out Kightley.
Anti-Inflation Shield 2.0
The government has adopted an anti-inflationary shield of 2.0, informed Prime Minister Mateusz Morawiecki. The package includes, among others VAT reduction on fuel, gas and food.
– We want to present the 2.0 anti-inflation shield, which is to protect Polish families and lower taxes. It is primarily to help leave as much money as possible in Poles’ wallets – Morawiecki explained at the press conference on Tuesday.
The prime minister informed that the government intends to lower VAT to 8 percent. for fuel, 0 percent for food.0 percent for gas and 0 percent. for fertilizers.
– From February 1, we implement new solutions for 6 months. We want to lower VAT on fuel from 23 percent. at 8 percent This will be a fundamental change – said Morawiecki.
– Up to 0 percent we lower VAT on basic food products. As a result, each family’s wallet will have about PLN 45 per month – he added.
– We abolish the gas tax completely. We reduce VAT on electricity to 5% for the next 4 months. and VAT on heat up to 5 percent. We are adding a VAT reduction on fertilizers to 0% to the anti-inflationary shield 2.0. – the Prime Minister informed.
He explained that the government’s shield is “the most extensive and multi-point compared to many EU countries”. – Fighting inflation will be difficult, but we care about Polish families – he argued.
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