4 days ago
Inflation rises on higher fuel prices, further narrowing room for rate cuts
Poland’s CPI inflation accelerated markedly in August to 3.4% yoy, but once again primarily driven by higher fuel prices, while food prices continued to decline. The rise in core inflation is nevertheless a concern. Today’s data further narrow the window for interest rate cuts.
4 days ago
Poland’s fiscal policy and its repercussions in the spotlight again
With regard to macroeconomic figures from Poland, this week has ended before it’s really begun, with today’s reading of August CPI (3.4% y/y) and 2Q26 GDP (3.9% y/y, revised by +0.1 p.p. since the flash release). No more macroeconomic releases are scheduled for the upcoming days
1 week ago
Smooth summer sailing for Polish consumers
Retail sales slowed from 6.2% in June to 3.9% yoy in July. This result is close to the consensus estimate and the long-term average. The slowdown in sales can be attributed primarily to the expiration of the fuel price relief package and a less favorable arrangement of trading days. Polish consumers remain in good shape, although retail sales may not be the best indicator of this.
1 week ago
Poland’s fiscal policy and its repercussions in the spotlight
Affirmation of Poland’s sovereign rating by Fitch has set the mood for the Monday session in the financial markets. There are scarce domestic macroeconomic readings scheduled for the upcoming week, so there are good chances that the optimism will remain present among investors. At the same time the government is going to continue works on a draft of a 2027 Budget Bill.
2 weeks ago
A display of strength in Poland’s labour market
July delivered a major upside surprise in wage growth, which accelerated to 6.8% yoy compared with the consensus forecast of 6.2%. A significant share of this surprise can be attributed to one-off factors, although some signals suggest that wage growth be stabilising above the 6% mark. On the positive side, employment also surprised to the upside for the first time this year.
2 weeks ago
Polish economy in July: strong manufacturing, weird construction
So far, July has been a mixed bag. Strong industrial production (+5.1% yoy) was accompanied by a very weak reading for construction output, which fell by 2.4% yoy. The former is in line with the trend, while the latter may have been a one-off if the issue of distorted accounting raised by Statistics Poland (GUS) was the dominant factor here. Overall, the Polish economy is in good shape.