Inflation-generating shocks easing, says central bank head

The turbulence buffeting sectors such as the energy market, which has helped drive up in inflation in Poland, appears to be abating, the head of the Polish central bank said on Thursday.

Turmoil on the world energy market caused by the Ukraine war and a global scramble for non-Russian sources of oil and gas have helped drive up prices and inflation. Official figures for Poland in September put inflation at 17.2 percent.

Speaking at a press conference, Adam Glapinski said "shocks on the raw material market, most notably in energy, are the main cause of rising inflation."

But he said that "there are signs that the shocks that led to the rise of inflation are diminishing.

"Everything has a beginning and an end," he added.

The banker also said inflation was currently a global problem, and was peaking in many economies besides Poland. As an example he named Germany, where inflation was at its highest in 70 years.

He added, however, that contrary to some opinions there were no indications that inflation would cross the 20-percent mark.