June core CPI inflation slowed to 2.7%y/y from 2.8% in May in line with the consensus forecast. June core CPI does not swing the outlook for next week's MPC meeting (29 July) in either direction in our opinion. Retail sales and unemployment (to be released on 23 July) could change the balance of votes if they turn out to be much worse than expected, but the likelihood of such an event looks small to us. More PLN appreciation could be another swing factor. EUR-PLN below 4.20 and heading to 4.10-15 (4.27 in late Tuesday trading) would increase the chances of a 25bp cut in our opinion. At the moment, though, the outcome of the MPC meeting remains a close call and we expect no change.