Governor Adam Glapinski says that inflation has been within the target (+2.5% +/- 1pp) for four months, while in May is was exactly at the target - which he says is a great success. He notes that this was achieved due to the use of "extinguishing" tools, chiefly interest rates, which was painful but necessary.

• The Governor says that core inflation is also declining, even if slowly and gradually. He points to price stickiness in the services sector, which is more sensitive to wage costs, but notes that price pressures there are also easing.
• The Governor says that the MPC's task is now to ensure that the lowering of inflation is sustainable. However, the expectation is that inflation will accelerate in 2H2024.