Polish CPI grew 2.5% year on year in May (chart), below the consensus line of 2.8% y/y and 0.1pp above the final April reading, according to a flash estimate from Poland’s statistical office GUS, released on May 29. 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 May and the planned doing away with the electricity price cap, from July. But the pace of the expansion now appears likely to turn out slower than expected. “A major source of uncertainty is the economy’s reaction t…