Outlook of Futher Rate Cuts Hinges on Key Economic Indicators
Some members of the MPC are said to be considering another rate cut as soon as July, but the Bank would prefer to see more data and it would depend on the availability of key data when it could make another cut. "We are waiting for the draft budget for 2025 and the fixation of the price of energy in the fourth quarter and then we have to make a decision on this," National Bank of Poland President Adam Glapiński said. He also emphasised that the July NBP as well as additional wage, retail sales and inflation data will be key to formulating the Council's decisions going forward.

Under-review: Inflation and the Growth Trends.
Inflation has begun to moderate but is still higher than the central bank's target. At the same time, the Polish economy is still booming, with GDP growth of more than 3%. Retail sales showed robust consumer demand in April. Wage growthy is also staying strong at 10%, with corporate sector salaries recently going up. In view of these conflicting economic indicators, the MPC has decided to remain on hold and neutral for the time being.