Retail sales in current prices rose by 4.7% in February, inflation stood at 0.5% y/y. Retail sales in the first two months of
2003 signal that the current pace of consumer demand should
be maintained in Q1 2003 as well as in the rest of 2003. The
improvement in household consumption won ’t be strong
enough to push inflation higher. This opinion is supported by
the low demand for consumer durables.
Konrad Soszynski,Kredyt Bank,S.A.Warsaw
Jakub Dvorak, Investment Research, CSOB