The Narodowy Bank Polski's Monetary Policy Council raised its benchmark 7-day intervention rate by 25 basis points to 4.25% from 4.00% previously. The Bank also increased the following rates by 25 basis points: the rediscount rate 4.50%, the Lombard rate 5.75%, and the deposit rate 2.75%. The Bank said: "The risk of persistently heightened inflation also stems from increased inflation expectations combined with fast growth in commodity prices in the world markets. In order to curb the risk of inflation running above the inflation target in the medium term, the Council decided to increase the NBP's interest rates, continuing the cycle of monetary policy tightening". Poland reported inflation of 4.3% in March, higher than the Bank's official inflation target of 2.5% +/- 1%.