Unfortunately, today we have nothing to brag about. Inflation in Poland has been at its highest in 25 years, and the PMI index for industry, which shows us the sentiment in the economy, is falling to the lowest level since the pandemic. You can see that the signals of the recession come not only from across the ocean, but its specter is also present in our country. In response, we observe a very weak zloty, especially against the US dollar. Inflation in Poland in June reached the level of 15.6% y / y, slightly above the expectations of 15.5%, but much above the previous level of 13.9% y / y. Of course, we must blame a large part of the fuel and energy prices for this. The former increased by 46.7% year on year and as much as 9.4% compared to the previous month. Interestingly, it is worth noting that crude oil prices are not as high as they were in March, and in fact the oil price ended June in a decline for the first time in 8 months. Gold has obviously had a stir in the past month, particularly against the dollar, but the high fuel prices are certainly puzzling.