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Polish Bond Yields Fall as Inflation Holds Steady in September

Polish bond yields fell after a report showed the inflation rate held steady in September, defying economist expectations for an increase.

The yield on notes maturing in July 2014 declined three basis points, or 0.03 percentage point, to 3.98 percent by 5:10 p.m. in Warsaw, according to data compiled by Bloomberg. The zloty pared its gain of as much as 0.4 percent, trading 0.2 percent stronger at 4.0919 per euro.

Inflation remained at 3.8 percent, the statistics office said today. The figure was below the 4 percent median estimate in a Bloomberg survey of 34 economists. The report justifies a rate cut in November, Elzbieta Chojna-Duch, a member of the central bank’s Monetary Policy Council, told TVN CNBC in an interview.

“The data has sealed the rate cut in November,” Ernest Pytlarczyk, chief economist at BRE Bank SA in Warsaw, wrote in an e-mailed comment. “The following readings should confirm an easing cycle is under way.”

To contact the reporter on this story: Piotr Skolimowski in Warsaw at

To contact the editor responsible for this story: Gavin Serkin at

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