Poland hikes rates to combat inflation

The National Bank of Poland's rate-setting board voted on Wednesday to raise the benchmark reference rate by 25 basis points to 5% after inflation rose above the central bank's target in October.

Inflation increased to 3% last month, up from 2.3% in September, and now stands half a percentage point above the central bank's 2.5% target.

The central bank reiterated claims made in the inflation outlook published earlier this month that prices rises were set to accelerate in the months ahead: "In