Polish PPI will remain below zero until end-2015

Societe Generale notes its expectations as follows:

• We estimate that PPI deflation remained unchanged at -2.9% yoy in February. 
  
  
• We expect manufacturing costs to have decreased by 0.2% mom and mining & quarrying costs increased by 0.2% mom. 
  
  
• Still, there is strong downward pressure on manufacturing costs and, in our view, the PPI will remain below zero until end-2015.