Polish CPI grew 2.4% year on year in April (chart), just below the consensus line of 2.5% y/y and 0.4pp above the March reading, a flash estimate from Poland’s statistical office GUS showed on April 30. The flash reading marks the first pick-up in the annual inflation rate since March 2023. Analysts expect the CPI to keep climbing due to the end of anti-inflation regulations from the pandemic era, especially the phasing out of the zero VAT rate on foods in April and the planned doing away with the electricity price cap, from July. “Our base scenario assumes a gradual increase in inflation to a…