Poland Sept CPI hits 4.1%, breaches NBP target band; Oct path uncertain

Polish September inflation rose to 4.1% y/y, exceeding the NBP's target range for the first time in over a year, driven by a fuel price jump. October may see a return toward the upper target limit due to the reinstatement of the CPN (likely a fuel surcharge), but the trajectory remains uncertain. This complicates the NBP's rate-cut outlook and pressures the zloty and local bonds.