October 04, 2024 12:10 GMT
POLAND: Sept NBP Minutes Touch on Familiar Themes
POLAND
Minutes for the September NBP decision out here - largely inline with expectations and the last Glapinski presser: https://nbp.pl/wp-content/uploads/2024/10/Minutes-RPP-wrzesien-2024-ANG.pdf
Touches on familiar themes:
- Economic conditions in the immediate environment of the Polish economy remained
weakened - Germany might have an unfavourable impact on economic activity in Polish industry, particularly in the export sector
- A gradual economic recovery was under way, although incoming data were mixed
- Wage growth remained at an elevated, double-digit level. Wage growth in the national economy in 2024 Q2 proved to be faster than expected
- Consumer credit is also on a steady rise. Certain Council members pointed out that the so-called loan repayment holidays were contributing to an increase in disposable income of some households.
- Certain Council members noted that according to the forecasts, core inflation would remain elevated in the coming quarters.
- It was noted that the fiscal policy was one of the risk factors for the inflation outlook in the
medium term. - A view was expressed that given the elevated inflation as well as the recovery in consumer demand and high wage growth, the current level of NBP interest rates, amid the current developments in inflation expectations, was too low to ensure the sustainable return of inflation to the target in the medium term.
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