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Evidence Gathers of Weakening Consumer

POLAND
  • Rzeczpospolita writes on consumer confidence today, flagging that consumers have started to tighten their belts, but are also cutting spending on basic products including food, according to retail sector representatives. The make-up of an average basket of goods is also changing, with consumers favouring cheaper goods.
  • Following Glapinski’s post-rate decision appearance yesterday, NBP’s Wnorowski is due to speak today and will be watched for comments on Poland’s terminal rate and position within the tightening cycle. The minutes release is also due today at 2pm local time (1300BST / 080ET).
  • Late yesterday, the Labour Ministry announced the approval of a proposed minimum wage increase for 2023, which ratchets higher in both January and July. The new proposed minimum wage would be PLN 3,383 per month in January, and PLN 3,450 in July.
  • PAP reports that the finance ministry will introduce two new savings bonds to market, a one-year bond matching the NBP refi rate and a 2y bond offering a margin over the refi rate. The initial plan is to issue PLN 3bln of each line.
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