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Thursday, June 26, 2008

Polish Central Bank Raises Interest Rates (June)

Poland's central bank raised its benchmark interest rate by a quarter of a percentage point yesterday. The rate now stands at 6 percent, the highest in three years, as record oil prices and rising consumer demand threaten to push up inflation. Polish policy makers have increased borrowing costs eight times since April last year while the inflation rate almost doubled.

The May inflation rate rose to 4.4 percent, the highest since December 2004, and has exceeded the central bank's 2.5 percent target for eight months. Annual consumer price growth may be as much as 4.7 percent in December, according to an updated central bank forecast.

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