POLAND: NBP Say Fiscal and Regulatory Policy Are Sources of Uncertainty

Highlights from the policy statement:

• Considering the Statistics Poland data, it can be estimated that in August 2025 inflation net of food and energy prices declined, amid services price growth remaining elevated.
• Taking into account inflation developments, in the Council’s assessment, it became justified to adjust the level of the NBP interest rates.
• Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity. Fiscal policy, consumption demand recovery and elevated wage growth remain risk factors for low inflation.
• Uncertainty stems also from the level of administered energy prices and inflation developments abroad, following, among others, from changes in trade policies of major economies.
• NBP will continue to take all necessary actions in order to ensure macroeconomic and financial stability, including above all to keep inflation at the level consistent with the NBP inflation target in the medium term.

Click here to see the full release.