Polish CPI grew 1.9% year on year in March (chart), below the consensus line of 2.1% y/y and 1.1pp below the February reading, a flash estimate from Poland’s statistical office GUS showed on March 29. The flash reading marks the lowest inflation level in four years. Still, analysts expect the CPI to begin a slow climb from April on due to the end of anti-inflation regulations from the pandemic era, especially the phasing out of the electricity price cap expected to kick in from July. “[Inflation’s] trajectory largely depends on administrative decisions regarding energy prices. Still, inflation…